Not in Northeast Ohio.
Not in NEPA
Unfortunetly, all real estate is local. The hot markets right now are San Francisco/Oakland, San Jose, Denver, Boston, Dallas/Fort Worth, Seattle, Stockton, Sacramento, Detroit(YES DETROIT), Buffalo(YES BUFFALO), etc.
These are the markets where houses are available for the shortest time between listing and under agreement. Therefore, if you are not in proximity to these markets, you are not effected.
http://finance.yahoo.com/news/bidding-wars-return-home-market-000700177.html