Austin, #1 in Overvalued Home Prices

Just learned that the city of Austin where I use to live and left in part because of it's housing prices in ranked in the country as #1 in overvalued home prices, go figure.

http://finance.yahoo.com/news/10-most-overvalued-undervalued-housing-131550950.html

"The most overvalued market in the U.S. was Austin, Texas (overvalued by 19%). In fact, the median price for single-family homes in Austin jumped 11% year-over-year in August to $247,500 and the average price rose 9% to $311,414, according to data released last week by the Austin Board of Realtors. Austin is actually more overvalued in 2014 than it was in 2006 (when it was only 2% overvalued)"