More than half of US housing markets were overvalued in April

 | Diana Olick  06/05/2018 8:58 AM MDT
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As the sharp gains in home prices continue, more markets are seeing values higher than their local economies can support.

Prices nationwide jumped 6.9 percent in April from a year ago, according to the latest monthly value report from CoreLogic. While that is slightly less than the 7 percent annual jump in March, it is still making more and more markets unaffordable.

Of the nation's 50 largest housing markets, 52 percent were considered overvalued in April. CoreLogic determines affordability "by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income)." In March, 50 percent of markets were considered overvalued.

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