Raleigh is among several Southern cities not susceptible to a housing bubble, according to John Burns' Housing Cycle Barometer. The town has a strong 20- to 34-year-old population and well above-average annual growth in residents, Ingo Winzer says. The NAR finds that it's one of the strongest markets in the South, with median single-family prices in fourth quarter 2006 rising 14.5 percent over fourth quarter 2005. Ingo Winzer says a period of overbuilding and stagnant values is likely, however, in the short run.