If you think houses have gotten too expensive in Panama City, you're right, and USA Today agrees with you.
A new study published in USA Today says Panama City's average single family home price of $175,000 is almost 50 percent higher than it should be for this market.
The study looked at 317 metro areas. Panama City was ranked 38th among the 71 markets labeled as "extremely overvalued."
The study by National City Corps and Global Insight, factors in local employment and population, among other things, to determine a fair price for a home in a market.
The prices in Fort Walton Beach are almost 39 percent too high, while those in Tallahassee are 22 percent too high. The city with the most overpriced homes is Naples, Florida. The $383,000 average price there is 102 percent higher than those folks can afford.
The study says the market for single family homes peaked last fall. The authors expect gradual, not sudden price corrections in the overpriced markets
Avg. Price, Overvalue
Panama City, $175,000, 49.8%
Ft. Walton Beach, $214,800, 38.8%
Tallahassee, $155,800, 22.5%
Pensacola, $155,900, 29.8%
Naples, $383,000, 102.6%