We’ve come a long ways since the market crash, but does new research suggest we’ve gone too far?

With asking prices up in Miami by 11.9 percent, the market the market may be overvalued to market fundamentals, according to a new report from Trulia.

Titled the “Bubble Watch,” the report analyzes home prices in the nation’s metro areas and compares them with market fundamentals, all in the hope of – as the title would reveal – catching the next housing bubble before it becomes unruly.

Miami Overvalued to Market Fundamentals

Miami, the Bubble Watch found, is now 10 percent overvalued, which actually makes it among the most overvalued metros area in the nation.

That being said, in 2006’s first quarter – when the housing bubble was at its peak – Miami was a whopping 76 percent overvalued, so its current overvaluation does not necessarily mean that we’re in another housing bubble; but still, it does suggest that we should stay on our toes, as 2015 develops.

Take a look at our graph below to see how our local housing values compare with the rest of the nation: