THE 20 HOTTEST U.S. REAL ESTATE MARKETS IN AUGUST 2015
The 20 Hottest U.S. Real Estate Markets in August 2015
By Cicely Wedgeworth
6:00 am ET August 31, 2015
San Francisco-shaped key
The colors of the leaves may not be turning yet, but we’re already feeling the first hints of the changing season here at realtor.com®. When our economic research team analyzed our data for the first three weeks of August, it found that the market—which has been seriously tilted in favor of sellers for some time now—is just starting to tip slightly back toward buyers.
Now, don’t get us wrong: Sellers still have the advantage. It’s just that their advantage is being reduced.
“This year we’re seeing inventory continue to grow in August,” he continued. “And while overall demand is strong, the trend on median days on market is suggesting that the market is finding more of a balance—and that bodes well for would-be buyers who have been frustrated by the inability to find a home to buy this spring and summer.”“We are now entering the time of the year when both inventory and demand typically reach their peak as the start of the school year takes away a substantial chunk of near-term demand,” said Jonathan Smoke, chief economist of realtor.com.
In the first three weeks of August, listings inventory grew 3% over July. The median list price increased to $233,000, up 8% year over year and virtually flat against July. The median number of days on market has increased to 75 days, reflecting the shift in favor of buyers. The metric is down 6% year over year, meaning that the market is still hotter than last year, but the 6% month-over-month gain means that inventory is now moving slower than it has all spring and summer.
The hot list
Our data team reviewed listing views by market as an indicator of buyer demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-size to large markets in the country.
These markets receive 1.8 to 3 times the number of views per listing compared to the national average. These markets are seeing inventory move 29 to 48 days more quickly than the rest of the U.S. They have also seen days on market drop by a combined average of 13% year over year.
20 hottest U.S. real estate markets
San Francisco, CA
Santa Rosa, CA
San Jose, CA
San Diego, CA
Ann Arbor, MI
Santa Cruz, CA
Los Angeles, CA
Yuba City, CA
San Antonio, TX
Note: These markets encompass adjoining metro areas. San Francisco, for example, also includes Oakland and Hayward.