Skyrocketing home prices are poised to flatten in some metropolitan areas, according to a new ranking of the most overvalued US housing markets by professors at Florida Atlantic University and Florida International University.

A pricing crown is developing in the five most overvalued markets: Boise, Idaho; Austin, Texas; Ogden and Provo, Utah; and Phoenix. That's an indication that home values in those areas may be leveling off. "It does appear that several areas around the country are at an inflection point," notes Ken H. Johnson, Ph.D., an economist for FAU's Executive Education within the College of Business.

Earlier this year, Johnson and Eli Beracha, with FIU's Hollo School of Real Estate launched the rankings to show the degree of overpricing or underpricing per month in the nation's 100 largest housing markets over the past 25 years. "Once prices level off, reselling the property for a higher return is very difficult," says Beracha.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.