Second-most-overvalued market: Austin, Texas How much prices exceed fundamentals by: 6.6% Like San Antonio, Austin is seeing home values increase partly because of good times for the state's energy sector, according to Kolko. The city's large tech industry has also helped push average asking prices up 8.5% over the past year. That's well above the 6.3% increase in rents that Austin recorded in the past 12 months. But the Texas capital looks like it's clear of a bubble so far. During the housing boom, Austin's home prices peaked at 12% above economic fundamentals in 2007.