With homes flying off the market, inventory has dipped to record lows
California cities Vallejo and San Francisco continued to dominate as the top hottest markets in March for the second consecutive month, according to realtor.com.
Homes in the hot California markets are expected to sell in 69 days – 22 days faster than February and eight days faster than the same time last year.
Nearly 492,000 new listings entered last month’s market – but even that number wasn’t enough to keep up with buyer demand. The median list price was $260,000, an 8% increase from last year.
But while well-to-do buyers are rushing to snap up homes, spiking prices are driving some would-be purchasers out of the market.
“While the story keeps revolving around low inventory, prices are now also taking center stage, reaching all-time highs and keeping waves of buyers at bay,” said Javier Vivas, manager of economic research at realtor.com.
Below are the top 10 hottest markets as listed by realtor.com:
1 Vallejo, Calif.
2 San Francisco, Calif.
3 Dallas, Texas
4 Denver, Colo.
5 San Jose, Calif.
6 Sacramento, Calif.
7 Colorado Springs, Colo.
8 San Diego, Calif.
9 Santa Cruz, Calif.
10 Boston, Mass.
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