A "crown" has been reached in Boise, Idaho; Austin, Texas; Ogden and Provo, Utah; and Phoenix, making them the five most overvalued markets, according to a report by Florida Atlantic University and Florida International University.
Home prices continue to rise across the country and are poised to flatten in some metropolitan areas. When a pricing "crown" is developing, it can be an indication that home values in those areas may be leveling off.
"A crowning in prices is common when markets reach the peak of their current housing cycles," Ken H. Johnson, an economist at FAU, said in prepared remarks. "It does appear that several areas around the country are at an inflection point."
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