San Francisco tops Realtor Magazine’s hot housing market list
Besting such urban hotbeds as Santa Rosa and Midland, Tex., our fair city by the bay is at the top of Realtor Magazine’s hottest housing markets for July. With the median list price across the country rising to $234,000, up 7 percent year over year, and inventories of for-sale homes rising as well, the magazine muses that the U.S. housing market may be finding more balance at the moment.
“This year we’re seeing inventory continue to grow in July, albeit at a slower pace than this spring,” Realtor.com chief economist Jonathan Smoke said in a statement. “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.”
The country’s hottest markets, Smoke said, proved to be the best performers in terms of both supply and demand, with the top 20 seeing 1.5 to 3 times the number of views per listing as compared with the rest of the nation. Inventory in these markets is moving 24 to 41 days more quickly than the national average.
“Sellers are seeing listings move much more quickly than the rest of the country and at an accelerating pace from just last month,” Smoke said. “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.”
A few of the other cities on the list include Denver (no. 2), San Diego (no. 8), Sacramento (no. 12), Yuba City (no. 14) and Columbus, Ohio (no. 15). Not specified, however, was the exact number of San Franciscans who appeared willing to trade in life by the Bay for any of these cities.