No longer the hottest housing market in the United States, Vallejo nevertheless remained one of only two California areas in the top 10 in June, new research from realtor.com shows.
The nation’s hottest markets are increasingly scattered throughout the country instead of dotted along its pricey Western edge as more affordable markets move up the ranks, the report says. For the first time in six years, California is no longer dominating the hotness list, dropping out of the top five rankings, it says.
This does not surprise Solano Association of Realtors, Johnny Walker.
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“As with last month, only San Francisco and Vallejo-Fairfield remain in the top 10 positions on the Realtor.com Hottest Markets List, with Sacramento and Stockton as the only other California communities ranking in the top 20,” he said. “Realtor.com ranks communities based upon individual listing clicks on it’s website as well as the number of days a home is active on the market.”
It makes perfect sense that those cities’ rankings would continue to fall as compared to more affordable communities across the country, he said.
“Vallejo remains the most relatively affordable city in the region with listings here usually receiving multiple offers fairly quickly, and prices continuing to climb,” Walker said. “Since little new inventory is being created or added, there’s no reason to suspect this trend will change in the near future. As I suggested last month, it shouldn’t be surprising if our rankings on sites like Realtor.com continue to drop as the supply of starter homes continues to diminish.”
On average, markets in the top 20 hottest markets that have prices lower than realtor.com’s national median list price of $299,000 jumped 12 ranking spots compared to a year ago.
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Midland, Texas, took the top spot for the second consecutive month, followed by Columbus, Ohio and Boston, which were both on the list of headquarters contenders announced by Amazon, the report says. In the hottest markets, homes continue to sell quickly, with age of inventory in the top 20 markets averaging 34 days, faster than last June’s 36 days, and with the typical age of inventory registering 40 days or less in each of the top 20 …
Source:: The Mercury News – Lifestyle