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The median home price at the end of 2015 was $222,400 - it's highest mark since 2007 - and while the housing market is growing, some markets are growing faster than others. Thomas C. Frohlich, 24/7 Wall St., takes a look at the fast and slowest growing housing markets in American during 2016.

Boulder, Colorado has experienced the greatest jump in home prices (18.5% over the year) and is the fast growing housing market in America. Here are the most important factors for this growth:

The two largest hallmarks of fast-growing — and fast shrinking — markets are inventory levels and location, according to Hale. The NAR [National Association of Realtors] has tracked year-over-year inventory declines in each of the past 13 months. This means that there may be multiple offers on a single property, further driving up the original listing price.

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