The Southwest Florida region is the most overvalued housing market in the US, according to researchers at Florida Atlantic University and Florida International University, with hurricane-ravaged Cape Coral-Fort Myers surpassing Boise as the market selling at the highest premium.

The academic researchers note that at the end of August, buyers in that southwest Florida metro — which was battered by Hurricane Ian in September — are paying an average of 70.43 percent above the area's long-term pricing trend. Average home prices there are $429,775, but should be selling for $252,176, based on statistical modeling of past sales.

Boise is now number two, with buyers paying a premium of 62.66 percent above the area's long-term pricing trend, followed by Las Vegas, Palm-Bay-Melbourne, Atlanta, and Lakeland.