Everything is bigger in Texas. And that seems to include housing valuations, according to Forbes contributor Kim Slowey.
While Austin and San Antonio have been adding jobs and people, their housing markets are 19% above actual value, according to Fitch Ratings.
Since home prices bottomed out in Austin (July 2011) and in San Antonio (Jan. 2012), their economies have expanded strongly, with gross metro product rising 18% in Austin and 9% in San Antonio through the end of 2014. But home price appreciation appears to have overshot that growth, rising 41% in Austin from the price trough through the end of 2015 (current median price: $278,000) and 21% in San Antonio (median price: $190,400).
In Connecticut, New Haven is 23% undervalued and Hartford is 21% undervalued.
Employment in Connecticut is expanding, but the state still hasn’t gained back all the jobs it lost in the Great Recession. Job growth from 2011 to 2016 in New Haven (5.59%) and Hartford (4.26%) has slightly outpaced the state overall (4.05%), but with millennials holding off on home purchases, baby boomers out-migrating to cheaper areas of the county, and a job market not strong enough to make up the difference, demand is not high enough to boost prices to where they should be.