Spring may have already sprung in the housing market. List prices have begun their traditional spring climb, reaching the median high from last summer of $275,000, realtor.com® reports.
“Rapid mortgage rate jumps, and confirmation of a brighter economic outlook have inflated the pool of home buyers early in the year, putting an extra squeeze on the mid- and entry-level market,” says Javier Vivas, director of economic research at realtor.com®.
The market is showing signs of being ultracompetitive this spring. Properties are selling 8 percent faster than this time last year, spending a median of 83 days on the market, according to realtor.com®.
San Francisco once again holds onto its top spot in February on realtor.com®’s latest hot market list. Realtor.com® bases its rankings on where homes are selling the fastest and getting the most property views at its site.
California markets continue to dominate in the rankings, accounting for 13 of the top 20 markets. But Midland, Texas, notably jumped from its previous number five spot on the list to number two in February.
The following cities made it on realtor.com®’s hot list for February:
- San Francisco
- Midland, Texas
- Vallejo, Calif.
- San Jose, Calif.
- Sacramento, Calif.
- Denver
- Santa Rosa, Calif.
- Colorado Springs, Colo.
- San Diego
- Stockton, Calif.
- Santa Cruz, Calif.
- Dallas
- Chico, Calif.
- Oxnard, Calif.
- Modesto, Calif.
- Columbus, Ohio
- Fresno, Calif.
- Spokane, Wash.
- Fort Wayne, Ind.
- Los Angeles
Source: “The 20 Hottest Real Estate Markets for February 2018: Get Ready for the Spring Thaw,” realtor.com® (March 1, 2018)
