As the weather is heating up, so is the residential housing market. Nationwide, inventory is steadily increasing, at an estimated 525,000 new listings on the market—3% more than May—but still does not satisfy demand as the median home list price is $252,000, 8% higher than it was one year ago.
Naturally, homes are moving off the market more quickly than in June of last year, but we are seeing a little bit of a slowdown in the top performing markets.
“In June, for the first time that I can recall, the hottest real estate markets saw inventory movement slow down, while the rest of the country saw inventory speed up,” says Jonathan Smoke, chief economist of Realtor.com.
Nevertheless, the top performing markets in the nation are still in a league of their own, as Smoke notes. Based on views per listing and the quickest inventory movement, Realtor.com has identified the top 20 hottest markets in America. Homes in these cities are selling 20 to 38 days faster than the national average.
California has again dominated the list, taking up more than half of the spots, but with warm weather and people buying vacation homes, Michigan was able to secure three spots.