The housing market has seen strong price gains through much of 2013, but has it made up all that lost ground from the downturn?

Let’s start with the good news: there’s no way that the national housing market is in a bubble. According to the latest Bubble Watch from Trulia, home prices are still 4 percent undervalued to their fundamental level in 2013’s four quarter; for comparison’s sake, home prices were 39 percent overvalued in the first quarter of 2006.

But what about here in Miami? Well, that’s where things become a bit more nuanced. Home prices in the Magic City, Trulia reports, are still 4 percent undervalued, though again, asking prices were up a robust 12.4 percent in Trulia’s latest Price Monitor, so recovery is certainly on the way.

Piper Rothan, a Realtor with The Keyes Company in Miami, said that though pricing is ultimately an exercise in relativity, with buyer demand determining what a home will be priced at, she had seen prices rising rapidly in recent months.

“I think the prices are going up at a rate that’s a little alarming,” she said. “[However], we’re losing that window time where we had little inventory, and I think that’s going to put a little bit of a damper on values.”

So where does our market compare with other large metro areas? See our graph below to find out: