While there wasn’t a lot of movement in the hottest housing markets in October, this isn’t necessarily a bad thing, according to the latest housing report from realtor.com.
In October’s hottest 20 housing markets, the markets received 1.8 to 3.6 times the number of views per listing as the national average, and they also saw inventory move 30 to 47 days more quickly than the rest of the U.S.
Additionally, they witnessed the days on market drop by a combined average of 19% year over year.
Denver regained the top spot this month as Los Angeles, San Jose, and Denver all gained the most relative strength in the ranked markets.
realtor.com said it reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply, which led to the identification of the 20 hottest medium-size to large markets in the country.
Here are this month’s top 20 hottest housing markets.
20. Fort Wayne, Indiana
19. Modesto, California
18. Ann Arbor, Michigan
17. Boulder, Colorado
16. Detroit, Michigan
15. Oxnard, California
14. Nashville, Tennessee
13. Midland, Texas
12. Santa Cruz, California
11. Stockton, California
10. Los Angeles, California
9. Yuba City, California
8. Santa Rosa, California
7. Sacramento, California
6. San Diego, California
5. Vallejo, California
4. Dallas, Texas
3. San Francisco, California
2. San Jose, California
1. Denver, Colorado
Here’s a link to last month’s hottest housing markets.
The report explained that there are continued signs of a fall slowdown, with total listings dropping, leaving buyers with fewer choices.
The median age of inventory is now 81 days, up one day from September but down three days, or 7%, from last year.
“October saw little change in the for-sale housing market other than the typical seasonal decline in demand and inventory,” said Jonathan Smoke, chief economist for realtor.com. “Collectively, the inventory metrics speak to a stable and strong housing market that has moved into the slower part of the year.”