SANTA CLARA, Calif.,
July 5, 2018 /PRNewswire/ -- The
nation's hottest markets are increasingly scattered throughout the
country instead of dotted along its pricey western edge as more
affordable markets move up the ranks, according to
realtor.com®'s list of June's hottest
housing markets. On average, markets in the top 20 hottest markets
that have prices lower than realtor.com®'s
national median list price of $299,000 jumped 12 ranking spots year-over-year.
At the same time, California ended
its historic streak of dominating the hotness list, dropping out of
the top five rankings for the first time in six years.
Midland, Texas, took the top
spot for the second month in a row, followed by Columbus, Ohio and Boston -- which were both on the list of
headquarters contenders announced by Amazon. In the hottest
markets, homes continue to sell quickly. Age of inventory in the
top 20 markets averaged only 34 days, faster than last June (36
days) with the typical age of inventory registering 40 days or less
in each of the top 20 markets.
Amid the most competitive home-buying season in history, buyers
are increasingly gravitating toward less-expensive locales.
According to realtor.com®'s June data, eight of the 20
hottest markets featured list prices that fell below June's median
list price of $299,000. These markets
saw the biggest upward movement on the list, while higher price
markets did not see significant upward movement.
"As the record pace of sales continues to challenge would-be
homebuyers, the hottest market rankings show that buyers are
looking for markets that offer relative affordability," said
Danielle Hale, chief economist at
realtor.com®. "In the three cities that
were on Amazon's list of possible HQ2 contenders - Columbus, Ohio, Boston and Dallas - affordability isn't taking as big a
hit as in other hot markets despite properties selling faster than
just about everywhere else. This would change if Amazon were to
come to town."
In Columbus, prices stayed
consistent year-over-year and, at $250,000, still remain below the typical U.S.
median. Although Boston is
pricey - the typical listing runs $529,000 – prices increased only 6 percent
annually, compared to 9 percent for the U.S. as a whole. Finally,
in Dallas, where listing prices
are above the typical U.S. median at $356,000, the change in prices was also more
manageable at just a 1 percent increase from last year.
According to realtor.com®'s June housing
data, the nation's inventory of active home listings decreased 4
percent on an annual basis, a slower rate than the 8 percent
average decrease in the previous 12 months. Coupled with 547,000
new listings hitting the market in June, a 2 percent increase
year-over-year, there is some relief to tight inventory conditions.
But, with a record low of 54 days on market and a record high
median listing price, the U.S. housing market will continue to be a
challenge for buyers for the foreseeable future.
Realtor.com® Hotness Index
20 Hottest
Markets
|
June
Rank
|
June Median
Age of
Inventory
|
May
Rank
|
May Median
Age of
Inventory
|
Midland,
Texas
|
1
|
29
|
1
|
28
|
Columbus,
Ohio
|
2
|
32
|
4
|
31
|
Boston-Cambridge-Newton, Mass.-N.H.
|
3
|
33
|
2
|
28
|
Fort Wayne,
Ind.
|
4
|
34
|
10
|
35
|
Boise City,
Idaho
|
5
|
33
|
6
|
31
|
San
Francisco-Oakland-Hayward, Calif.
|
6
|
25
|
3
|
22
|
Vallejo-Fairfield,
Calif.
|
7
|
30
|
5
|
31
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
8
|
36
|
8
|
33
|
Colorado Springs,
Colo.
|
9
|
30
|
11
|
30
|
Detroit-Warren-Dearborn, Mich.
|
10
|
37
|
16
|
37
|
Racine,
Wis.
|
11
|
38
|
20
|
39
|
Grand Rapids-Wyoming,
Mich.
|
12
|
31
|
9
|
31
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
13
|
35
|
12
|
31
|
Rochester,
N.Y.
|
14
|
38
|
14
|
37
|
Kennewick-Richland,
Wash.
|
15
|
38
|
61
|
44
|
Stockton-Lodi,
Calif.
|
16
|
36
|
7
|
30
|
Dallas-Fort
Worth-Arlington, Texas
|
17
|
38
|
19
|
37
|
Worcester,
Mass.-Conn.
|
18
|
38
|
13
|
34
|
Spokane-Spokane
Valley, Wash.
|
19
|
36
|
18
|
33
|
Santa
Cruz-Watsonville, Calif.
|
20
|
40
|
25
|
36
|
**Realtor.com® reviewed listing views by market as
an indicator of demand and median days on market as an indicator of
supply. This analysis led to the identification of the 20 hottest
medium-sized to large markets in the country.
About
realtor.com®
Realtor.com®, The
Home of Home SearchSM, offers the most comprehensive
source of for-sale MLS-listed properties, among competing national
sites, and access to information, tools and professional expertise
to help people move confidently through every step of their home
journey. It pioneered the world of digital real estate 20 years
ago, and today is the trusted resource for home buyers, sellers and
dreamers by making all things home simple, efficient and enjoyable.
Realtor.com® is operated by
News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more
information, visit
realtor.com®.
Contact:
Tammy Lee, tammy.lee@realtor.com
View original
content:http://www.prnewswire.com/news-releases/affordability-moves-hot-markets-eastward-from-the-west-coast-300676226.html
SOURCE realtor.com