According to CoreLogic,35% of metropolitan areas in the U.S. have an overvalued housing market as of March, 2019 and this includes the New York Tri-State area. Overvalued is one in which home prices are at least 10% above the long term, sustainable level. The cost of buying or renting in expensive markets puts a significant strain on most consumers said Frank Martell, CEO of CoreLogic. 
CoreLogic HPI"Home Price Index" is built on industry-leading public record servicing and securities real estate databases an incorporates 40+ years of repeat sales transactions for analyzing home price trends.