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. Let’s be clear. These measurements don’t say local homes are affordable. Nor does this math conclude what buyers are paying is normal. Rather, these studies show the overvaluation of Southern California homes compared with historical patterns is not massive on a national scale.
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. Just eyeball the most overvalued markets. Fitch found seven metros were 20 percent to 24 percent overvalued: Memphis, Tenn., Raleigh, N.C., Indianapolis, Ind., Milwaukee, Wis., Nashville, Tenn., Buffalo, N.Y., and Birmingham, Ala. FAU’s top seven were: Atlanta , Detroit , Cape Coral, Fla.
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