This month, 29 CBSAs made the hottest markets list with a perfect score, according to Pro Teck Valuation Services' Home Value Forecast October update.
The list is generated by a number of leading real estate market indicators including: sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio, foreclosure percentage and REO activity. From here, Pro Teck decided to look at the status of each of the hottest market’s inventory levels.
What Pro Teck discovered was that all of them have less than four months of remaining inventory, indicative of a seller's market.
And the problem doesn’t look like it will change anytime soon, given that all 29 have seen double-digit percent decreases in active listings.
"While new housing units are on the upswing, the numbers are still at historical lows," said Tom O'Grady, CEO of Pro Teck Valuation Services. "That, combined with approximately 2.5 million single-family homes becoming rental units since the crash has left the U.S. with a limited housing supply."
Here is Pro Teck’s list of the 29 Hottest Markets with their months of remaining inventory:
- Anaheim-Santa Ana-Irvine, California - 3.83
- Bellingham, Washington - 2.50
- Boise City, Idaho - 2.63
- Charlotte-Concord-Gastonia, North Carolina-South Carolina - 3.96
- Chico, California- 3.72
- Durham-Chapel Hill, North Carolina - 3.89
- Grand Rapids-Wyoming, Michigan- 3.51
- Lafayette-West Lafayette, Indiana - 3.61
- Los Angeles-Long Beach-Glendale, California - 3.78
- Medford, Oregon - 3.68
- Modesto, California - 2.52
- Mount Vernon-Anacortes, Washington - 2.83
- Oak Harbor, Washington - 2.80
- Olympia-Tumwater, Washington - 2.78
- Oxnard-Thousand Oaks-Ventura, California - 3.66
- Phoenix-Mesa-Scottsdale, Arizona - 3.39
- Portland-Vancouver-Hillsboro, Oregon-Washington - 2.41
- Punta Gorda, FL - 3.93
- Raleigh, North Carolina - 3.27
- Sacramento--Roseville--Arden-Arcade, California - 2.21
- Salinas, California - 3.66
- Salt Lake City, Utah - 3.45
- San Antonio-New Braunfels, Texas - 3.04
- San Diego-Carlsbad, California - 2.22
- San Jose-Sunnyvale-Santa Clara, California - 1.84
- Seattle-Bellevue-Everett, Washington - 1.86
- Stockton-Lodi, California - 2.54
- Vallejo-Fairfield, California - 2.37
- Wichita, Kansas - 3.16