Zillow's data defines starter homes as those in the 5th to 35th percentile of home values in a given region, whereas luxury homes are in the top 5% of a region's home values. Inventory for starter homes is up 4.5% year over year in June, while it fell 5.2% for luxury homes. Price cuts were also more common for starter homes, of which 25% had price cuts in June, while 20.6% of luxury home listings had price cuts. Markets which saw the largest year-over-year increases in starter homes sold as of May were Louisville (19.3%); New Orleans (12.9%); San Jose, California, (10.5%); and Miami (8.2%). The hottest markets for luxury homes sold year over year as of May were Memphis (42.4%); Nashville (40.8%); Cincinnati (32.6%); Austin (27.7%); and Birmingham, Alabama (25%).