Nope - countries, like Australia where average selling prices in Sydney have dropped ~17% over the last year. According to their calculations, the market in the US is about 30% overvalued compared to long-term norms.

They have one of the articles about it online in the free portion of their website (not sure how long it will remain there) -
http://economist.com/displaystory.cfm?story_id=3722894