Are home prices in your state overvalued or undervalued? Here’s where all 50 states stand, according to market research firm Moody’s.

• Moody’s economist Matthew Walsh says US home prices are 15.7% above their fundamental value.
• Some of the most overvalued states include Idaho, Tennessee, and North Carolina.
• Some of the most undervalued are Maryland, California, and New York.

Moody’s economist Matthew Walsh sees US home prices on a national basis as slightly overvalued. 

According to the renowned market research firm’s model, national median prices are currently 15.7% above their fundamental value, leading Walsh to believe they’ll face another 4-4.5% decline in the coming months. The model accounts for variables like construction costs, household formation rates, and where home prices stand relative to median incomes. Nationally, homes are the least affordable relative to incomes that they’ve been in four decades, Walsh said.