Fitch Ratings says U.S. homes are ‘overvalued’ by nearly 10%—but homebuyers shouldn’t expect relief anytime soon

(Credit: Photographer: Dustin Chambers/Bloomberg via Getty Images)

It’s not just the rent that’s too damn high—so are home prices, according to a major ratings agency. But the economic landscape this year means that’s unlikely to change soon.

National home prices were 9.4% “overvalued”—meaning their price does not align with the property’s actual value—in the second quarter of this year, according to a new Fitch Ratings report released Wednesday. And with prices still rising, the ratings agency said it “expects overvaluation to remain” in the coming quarters.