The 20 Hottest Housing Markets for July 2016 | Realtor Magazine
July 2016 may end up as a month for the record books. According to new realtor.com® data, the U.S. is seeing the hottest July for home buying and selling in a decade.
“The best spring in a decade has transitioned into the hottest summer in a decade,” says Jonathan Smoke, realtor.com®’s chief economist. “Pent-up demand left over from tight supply for two years against the backdrop of mortgage rates remaining near three-year lows have encouraged buyers to keep active at a time when sales usually begin to decline.”
Smoke estimates that properties spent a median of 68 days on the market in July, and the median home price is $251,000, a record price for the month and 7 percent higher than a year ago.
In certain markets, housing markets are especially sizzling. Realtor.com®’s research team took a look at the number of days homes spent on the market, the measure of available supply, and the number of listing views on realtor.com® (to represent demand). They then identified the following 20 medium-to-large U.S. markets where homes are selling the fastest:
- Vallejo, Calif. (second consecutive month at number one spot)
- Dallas, Texas
- Denver, Colo.
- San Francisco, Calif.
- Stockton, Calif.
- Columbus, Ohio
- San Diego, Calif.
- Santa Cruz, Calif.
- Sacramento, Calif.
- Santa Rosa, Calif.
- Yuba City, Calif.
- Modesto, Calif.
- Detroit, Mich.
- Fort Wayne, Ind.
- San Jose, Calif.
- Colorado Springs, Colo.
- Fresno, Calif.
- Eureka, Calif.
- Nashville, Tenn.
- Ann Arbor, Mich.