The UBS Global Real Estate Bubble Index looks at global financial centers around the world to determine which may be at the risk of a housing bubble. This year, cities in the United States once again avoided being considered “bubble risks,” although Los Angeles and San Francisco were both seen as “overvalued” according to the study.

UBS looks at apartment prices in these cities and compares them to the average annual income of residents. The study looks out for markets where there is less affordable housing, lower wages and a sign of decreasing investment demand over time.

Over the past three years, no American cities have appeared as bubble risks, though LA and San Francisco have both been considered overvalued each time (with LA’s overvaluation growing each year). Bubble risks have increased since 2015 in cities like Toronto, Stockholm, and Munich, among others.

LA’s inclusion makes sense given the lack of inventory, rising prices and static wages in the region. In Downtown LA, condo inventory is very low, but prices remain high. Overall, Southern California home prices have risen by 7.7 percent in the last year, while inventory has fallen 11.8 percent statewide.

As CNBC points out, San Francisco is also classified as a “superstar” market, meaning that the investment demand is unlikely to fall behind supply in the long-term. Los Angeles has more space to build and less of a history of high housing prices, which is where the two cities diverge in the study.