The U.S. housing market may be finding more balance, according to a new report from realtor.com®. For the first three weeks in July, the median list price rose to $234,000 nationwide, up 7 percent year-over-year, while inventories of for-sale homes rose and the median days on the market increased to 69 days.
“This year we’re seeing inventory continue to grow in July, albeit at a slower pace than this spring,” says Jonathan Smoke, realtor.com®’s chief economist. “And while demand overall is strong, the trend in median days on market is suggesting that the market is finding more of a balance, which bodes well for more moderate price appreciation in the months ahead.”
However, some housing markets continue to see rapid growth. Realtor.com® found that 20 markets receive 1.5 to three times the number of views per listing compared with the rest of the nation. Inventory in those markets is moving 24 to 41 days quicker than the national average.
“These hottest markets are the best in the country from both a supply and demand perspective,” Smoke says. “Sellers are seeing listings move much more quickly than the rest of the country and at an accelerating pace from just last month. Meanwhile, these markets are clearly attractive to buyers as the listings in these markets are viewed as much as three times more often than the national average.”
Here is realtor.com®’s list for hottest housing markets in July:
San Francisco, Calif.
Santa Rosa, Calif.
San Jose, Calif.
San Diego, Calif.
Ann Arbor, Mich.
Santa Cruz, Calif.
Yuba City, Calif.
Los Angeles, Calif.
San Antonio, Texas
Fort Wayne, Ind.
Source: “The 20 Hottest Real Estate Markets in July 2015,” realtor.com® (Aug. 3, 2015)