Between bidding wars, soaring home prices, and booming mortgage applications, there’s no denying that housing in the U.S. is by and large in a seller’s market. That doesn’t mean buyers are necessarily out of luck—if they know where to look. 

The low supply, high demand environment in the U.S. housing market is partially what gives the markets in The Wall Street Journal/Realtor.com Emerging Housing Market Index, released Tuesday, so much pricing power. Based on an evaluation of eight real estate, economic, and quality of life…

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