Inventory shortages are helping home prices continue to break record highs, according to an analysis by realtor.com®. “Never in history have there been more eyes on fewer homes than today,” says Javier Vivas, director of economic research at realtor.com®. “The price gains observed in the last days of March tell us the market is on pace to see half of the homes listed above $300,000 this summer. This means buyers are not just having to pay more for the same home—they’re also seeing the mix of what’s available change more rapidly.”
Listing prices zoomed to a median of $280,000 in March, surpassing last summer’s high of $275,000 in July 2017. March’s listing prices also mark an 8 percent increase year over year. Of the 100 largest markets in the country, 36 are seeing homes sell at least a week faster than a year ago.
Realtor.com®’s “hot list” for March reflects the metros garnering the most listing views on the site, as well as those where homes spend the fewest days on the market. California continues to dominate the list. The hottest markets in March, according to realtor.com®, are:
- San Francisco
- Vallejo, Calif.
- Colorado Springs, Colo.
- San Jose, Calif.
- Midland, Texas
- Santa Cruz, Calif.
- Boston
- Stockton, Calif.
- Columbus, Ohio
- Sacramento, Calif.
- Denver
- Chico, Calif.
- Boise City, Idaho
- San Diego
- Modesto, Calif.
Source: “The Hottest Real Estate Markets in America, March 2018,” realtor.com® (March 29, 2018)
