The early look analysis of March housing data from realtor.com suggests a surge in demand to Jonathan Smoke, realtor.com chief economist.
Despite a 2% growth in inventory month over month, the median age of inventory continues to be down, with a 13% drop month over month.
Additionally, Smoke notes, median list prices are rising faster, now at $220,000 nationally up 3% month over month and 11% year over year.
“It’s still a seller’s market,” Smoke said. “Realtor.com data shows that supply is not keeping pace with surging demand. We expect rising prices to persuade those who may be on the fence about listing their homes to do so in the coming months, leading to closer parity between supply and demand.”
Looking at March data and website traffic, Smoke determined the 20 hottest markets in the country, based on the number of listing views relative to the number of listings.
“We are now firmly in the time of the year when peak demand and peak inventory levels typically occur, through spring and early summer,” Smoke said. “Buyers should expect substantial competition, especially in the hottest markets, and for affordably priced homes within most markets.”
He says that these markets should see particularly healthy activity in the coming months as home buying season kicks into gear.
- Waco, TX
- New Orleans-Metairie, LA
- Ann Arbor, MI
- Denver-Aurora-Lakewood, CO
- Santa Rosa, CA
- Fort Wayne, IN
- Vallejo-Fairfield, CA
- San Diego-Carlsbad, CA
- Columbus, OH
- Detroit-Warren-Dearborn, MI
- Manchester-Nashua, NH
- Boston-Cambridge-Newton, MA-NH
- Austin-Round Rock, TX
- Boulder, CO
- Springfield, IL
- Charleston, WV
- Pittsburgh, PA
- Tampa-St. Petersburg-Clearwater, FL
- College Station-Bryan, TX
- Lansing-East Lansing, MI