We all know that the Austin housing market is hot. But a new study suggests it’s entirely too hot.
A data analysis by researchers at Florida Atlantic University and Florida International University shows Austin ranks second among the most overvalued metro home markets in the country. Based on past pricing, homes in the Austin area are selling for 50.72 percent more than they should, the study says.
In July, the median sale price of a home in the Austin area soared to $480,000, up 37 percent from the same time last year, according to the Austin Board of Realtors.
In what seems to be a contradiction to the Florida study, WalletHub recently ranked Austin the second most attractive housing market in the U.S. The WalletHub study looked at 18 metrics, including job growth and appreciation of median home prices.
For their study, professor Ken Johnson of Florida Atlantic and professor Eli Beracha of Florida International…