Steady price gains over the last year were not enough to keep Palm Beach County from being considered an “undervalued” housing market, the latest report from Trulia shows.
In the San Francisco-based company’s quarterly “bubble watch” study, Palm Beach County’s residential prices remained undervalued by 3 percent, the Palm Beach Post reported. Trulia compares current sale prices to historical transaction, income and rental data in its report. Overvalued home prices put a market at risk of a future bubble.
Palm Beach County fared better than Miami-Dade and Broward counties, which are both 6 percent overvalued. That puts them in the top 10 for largest overvalued metro areas in the nation. Orange County, Calif. Topped the list at 16 percent overvalued. [Palm Beach Post] — Eric Kalis