Housing premiums in the Miami area increased once again despite rising interest rates, with the typical home in South Florida now 34.7% overvalued compared to its long-term pricing trend, having jumped 15-basis points from the month before, according to researchers at Florida Atlantic University and Florida International University.

Prices are still going up in the Miami metropolitan area, but not in the rest of the measured areas in Florida,  according to Ken H. Johnson, real estate economist with FAU's College of Business. "Price growth should be tepid considering the slowdown in rents and rising interest rates, but South Florida prices continue to rise despite these market forces," he said.

The data comes from the Top 100 U.S. Housing Markets, a part of FAU's Real Estate Initiative, which calculates how overvalued or undervalued the typical home is in the country's 100 most populated metros. Johnson and fellow researcher Eli Beracha, director of FIU's Hollo School of Real Estate, examine the difference in actual average home prices in a city and compare it to the long-term home pricing trend for the same city to calculate how overvalued or undervalued a housing market is using publicly available data from Zillow.