Bloomberg's Patrick Clark predicts that the same bidding wars and rapid-fire offers currently taking place in hot housing markets such as San Francisco and Brooklyn may soon hit an unexpected part of the country— the Midwest.

According to data from Redfin, cities like Omaha, Neb., Grand Rapids, Mich., and Indianapolis saw a sharp decline in the number of homes available for sale over the year ending in February.

It's surprising to see Midwestern housing markets tightening this way. The large U.S. metropolitan areas with the sharpest population declines from 2014 to 2015 were concentrated in Ohio, Pennsylvania, and upstate New York, according to the Census Bureau's most recent population estimates. But stricter lending standards since the housing bust have made cities with strong job growth and cheaper home prices particularly attractive to buyers, said Nela Richardson, chief economist of real estate brokerage Redfin.

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