"Much of that strength is driven by investor interest, as many distressed and non-distressed homes are purchased and transformed into rentals," says Stan Humphries, Zillow's chief economist, in the report. "This investor activity is contributing to very low inventory levels, which increases demand and helps drive up prices, particularly for less expensive homes in these markets."
(Read More: Housing's Recovery Means Fewer Can Afford Home)
The best buyers' markets are equally surprising, with Chicago, Cleveland and Philadelphia topping the list.
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