Home prices in May rose in 99 out of 100 markets that Florida Atlantic University and Florida International University track. Only the most overvalued market (Boise) saw a decline.
Austin is on Boise's heels, though. Boise was overvalued by 70.76 percent in May based on the influx of remote workers seeking remote locations. Austin is next, where buyers paid 67.97 percent more than they should, based on the market's history of prices.
"At this rate, it won't be long before Austin overtakes Boise as the most overvalued market in the country," Eli Beracha, Ph.D., of FIU's Hollo School of Real Estate, said in a prepared statement. "Austin has a lot going for it, including weather, culture and the economy, so it's naturally attracting more residents who are driving up home prices there."
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