The lack of cheap distressed properties on the market - and an overall drop in supply of homes for sale - pushed January housing prices about one-third higher than January 2012. Month-over-month price increases were in the single-digits. The supply of homes in Ada County was almost identical to February 2001, says Marc Lebowitz, executive officers of the Ada County Association of Realtors. The year-over-year surge in prices "makes me nervous, because it's not sustainable," he says. Fewer homes at fast-rising prices means bidding wars and pressure on families, he says. But he predicts 2013 will settle down, with year-over-year price gains in the mid- to upper teens.

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