Two yardsticks of underlying value suggest local prices are not as crazy as elsewhere in the nation.
Southern California home prices may seem insanely high, but two yardsticks of their underlying values suggest they’re not as crazy as elsewhere in the nation.
Contrast that to Los Angeles and Orange counties, where prices rose 4.9% last year. Those homes were 5% to 9% overvalued at year’s end – the same risk score as the Inland Empire, where prices rose 2.1% last year.The FAU professors pegged Inland Empire homes as the region’s most overvalued. Homes in San Diego, worth $947,000, were 24% too high, by this math – the No. 50 overvaluation nationally. And in LA-OC, with home prices running $947,000, overvaluation was 14% – the No. 85 overvaluation nationally.The gaps between the two scorecards are a perfect example of what I’ve long said: The creation of any national ranking is part statistical science and part art.Fitch found seven metros were 20% to 24% overvalued: Memphis, Tenn., Raleigh, N.C., Indianapolis, Ind., Milwaukee, Wis.
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