The Dallas-Fort Worth housing market has seen several years of steady growth. Prices have increased by more than 10 percent in the past year alone. If you’ve been waiting to buy a house but keep losing out to other buyers who are offering over the asking price, you’re certainly not alone. An analyst at Wall Street firm Fitch Ratings says that DFW home prices are about 10 to 14 percent above what’s considered sustainable.

Fitch has been warning for two years that the home price growth in Dallas-Fort Worth is unsustainable. The rapid population growth in the area has caused prices to spike.

“Dallas home prices are driven by solid income growth and low unemployment so the economy is certainly strong, but price growth is still just too fast,” Fitch’s Grant Bailey told the “Dallas Morning News.”

Home prices throughout the entire state of Texas are considered overvalued per Fitch and have been since 2015. The pace of price growth since then has slowed in Austin and Houston. However, prices show no signs of significantly coming down in the Dallas-Fort Worth region.

“In spite of the overvalued pockets, home prices nationally grew another one percent last quarter and are still growing at a rate of 3.5 percent annually,” Fitch reports.

According to the Case-Shiller Home Price Index, DFW home prices are 55 percent higher than they were at the peak of the last housing boom in 2007. Current DFW prices are 75 percent higher than they were in 2009, during the worst part of the housing downturn. 

Rapidly growing housing prices has also caused Nationwide Insurance to place Dallas near the top of their list of most troubled markets. 

Fitch analyzes home prices in 20 U.S. markets every quarter. Western markets like Colorado, Oregon, and Washington were also rapidly increasing. Nevada was the most overvalued market per the Fitch Report.

Detroit, Cleveland, and New York were the only markets in the Fitch Report still considered undervalued.