Wall Street analysts are keeping Dallas-Fort Worth on their watch list of markets where housing prices are out of whack.

New York-based Fitch Ratings says that home prices in the DFW area are 10% to 14% higher than what's, according to their latest report.

Fitch has been raising red flags about home values in North Texas and other hot home markets for the last two years.

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"Prices in major metro areas of Texas are now more than 50% higher than they were in 2006, while prices in New York, Philadelphia and Washington, D.C., are still 4% to 10% below 2006 levels," Fitch managing director Grant Bailey said in the report. "Elsewhere, home prices in major cities throughout Florida remain more than 15% below 2006 levels."

Austin's home prices are rated even more overvalued — 15% to 19% of what's sustainable.

San Antonio home values are more than 20% undervalued, Fitch finds. Prices in Las Vegas and Portland are 15% to 19% overheated.

"The overheated home price pockets remain largely in the Western United States (Texas, Portland, Phoenix and Las Vegas), which Fitch lists at more than 10 percent overvalued," the ratings agency said in the new study. "Home prices in the United States have now climbed to levels last seen a decade ago, though unlike 10 years prior, much of the country's growth is now sustainable."

North Texas home prices are now at record levels and were up 10% in the first eight months of 2017 compared to the same period last year.

The DFW area has seen some of the largest percentage gains in home prices in the country due to an economic boom that's driven high demand for housing and a tight supply of properties for sale.

Fitch analyzes home prices in 35 major U.S. markets for its quarterly report.

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