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5 Overvalued Housing Markets

Third-most-overvalued market: San Antonio, Texas

How much prices exceed fundamentals by: 5.1%

Home prices are rising above fundamental levels in San Antonio and other Texas cities because the state's booming energy industry is spurring demand, Kolko says.

He adds that property values in much of the Lone Star State didn't fall that sharply during the housing bust, so homes weren't all that cheap to begin with.

San Antonio has seen asking prices increase 7.6% over the past year even as rents gained just 4%. That's helped push prices to 5.1% above where fundamentals suggest property values should be, according to Trulia's calculations.

Still, today's excess valuations are less than half of the 12% above fundamental levels that Trulia estimates the San Antonio market saw in 2007.

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