San Antonio’s rival with Austin continues as both cities tied for first place in Forbes’ list of America’s Overvalued Housing Markets. Phoenix, Las Vegas, and San Francisco rounded out the Top 5. While the news might make homeowners a little nervous, the low rates and booming economy should keep the buyers coming.
As companies continue to bring business to the Alamo City, employees in need of housing keep the real estate market strong. Both Austin and San Antonio bounced back quickly from the recession.
Forbes’ list “compares home prices in the 50 largest metropolitan statistical areas against those MSAs’ economic fundamentals, including unemployment, income, population and mortgage rates. When home price growth outpaces the rest of the local economy, housing is deemed overvalued,” writes Kim Slowey of Forbes.com.