In fact, Robert Shiller has warned that some housing markets already look "frothy". All of those cities also feature on Redfin's list of Real Estate Flash Sales – places where homes are sold within 24 hours of being listed.
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In a five-month span, 78 homes sold within 24 hours in San Jose.
The San Jose-Sunnyvale-Santa Clara metro area has a median home price of $630,000, according to the latest data from Fiserv/Case-Shiller.
Redfin agent Ashley Rabello who has been involved in 10 flash sales told us that she previously saw flash sales during the bust as people rushed to get good deals or sellers were in trouble and trying to exit as soon as possible.
"At the moment buyers are taking advantage of the low interest rates, and as long as there are incentives to buy, we will see steady demand," she told Business Insider. "However, as more and more sellers learn how opportunistic the market is and decide to sell their home the supply in most markets will increase, and the amount of flash sales and competition may plateau."
Here is a virtual tour of one such home in Meadowlands, San Jose that sold for $1.12 million.