The 20 Hottest Housing Markets for July 2016

DAILY REAL ESTATE NEWS | THURSDAY, JULY 28, 2016

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.

Read more: These Real Estate Markets Are Getting Very Hot

“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:

1. Vallejo, Calif. (second consecutive month at number one spot)
2. Dallas, Texas
3. Denver, Colo.
4. San Francisco, Calif.
5. Stockton, Calif.
6. Columbus, Ohio
7. San Diego, Calif.
8. Santa Cruz, Calif.
9. Sacramento, Calif.
10. Santa Rosa, Calif.
11. Yuba City, Calif.
12. Modesto, Calif.
13. Detroit, Mich.
14. Fort Wayne, Ind.
15. San Jose, Calif.
16. Colorado Springs, Colo.
17. Fresno, Calif.
18. Eureka, Calif.
19. Nashville, Tenn.
20. Ann Arbor, Mich.

Source: “America’s 20 Hottest Real Estate Markets for July 2016,” realtor.com® (July 28, 2016)