Homes are selling faster in July, and many markets are hotter today than they were a year ago, realtor.com® notes in its newly released housing report. California markets continue to see some of the most traction from home shoppers.
“We normally see the housing market begin to slow down in midsummer, but this year has been a different story,” says Javier Vivas, realtor.com®’s manager of economic research. “Mid- to lower-tier homes are flying off the shelves and … [are] being replaced by higher-priced, larger homes.”
The national median list price in July was $275,000, realtor.com® reports. Further, the National Association of REALTORS® reported this week that 54 percent of existing homes were on the market for less than a month in June.
Vallejo, Calif., once again topped realtor.com®’s list of hottest real estate markets in the country. A growing tech sector, along with more affordable prices compared to its neighboring cities, has helped buoy Vallejo’s housing market. Vallejo’s median home price is $385,000, which is just under 30 percent of San Francisco’s $1.3 million median list price. San Francisco is about a 40-minute drive from Vallejo.
Realtor.com® ranked the nation’s housing markets based on how quickly homes are selling as well as the number of listing views they garnered at realtor.com®. The top 20 markets for July are:
- Vallejo, Calif.
- Kennewick, Wash.
- San Francisco
- San Jose, Calif.
- San Diego
- Stockton, Calif.
- Columbus, Ohio
- Fort Wayne, Ind.
- Sacramento, Calif.
- Detroit
- Dallas
- Colorado Springs, Colo.
- Yuba City, Calif.
- Fresno, Calif.
- Waco, Texas
- Modesto, Calif.
- Denver
- Ann Arbor, Mich.
- Santa Cruz, Calif.
- Santa Rosa, Calif.
Source: “America’s 20 Hottest Real Estate Markets for July 2017,” realtor.com® (July 27, 2017)
