PHILADELPHIA (CBS) – Looking to buy a home in Philadelphia? According to a new report, it is one of the top 10 most overvalued housing markets in America.
Researchers say overvalued housing markets have prices that are 10 percent or more above the long-term sustainable level.
As for Philadelphia, the report finds,“Home prices have ascended rapidly in the Philly area (up 16.7% since early 2014, which means it has the fastest home price appreciation of any town on this top-10 list), and now they are priced at 14.2% over sustainable levels.”
Researchers examined market data from the first half of 2015 for the report. Philly was ranked eighth.