In Sun Belt states, where housing premiums are among the highest in the nation, some metropolitan areas in Texas are beginning to offer home buyers some relief and could signal an overall trend toward slowing home prices across the region.

"The housing market in Texas could be well on its way to moderating and offering buyers a better buying opportunity than other measured metros in the Sun Belt states based on historical pricing trends," said Ken H. Johnson, real estate economist in Florida Atlantic University's College of Business. Researchers from FAU and Florida International University co-produce a monthly index of housing premiums and discounts in the 100 most populated metropolitan areas across the country.

A typical home in El Paso is 24.2 percent overvalued compared to its historical average, followed by Dallas at 22.17 percent, McAllen at 19.15 percent, Houston at 16.02 percent, Austin at 12.46 percent and San Antonio at 11.49 percent. That compares with housing premiums of more than 30 percent elsewhere in the Sun Belt region. Seventeen out of the 20 most overvalued measured markets in the country are within Sun Belt states.