Housing is set to smash records in February, with realtor.com® forecasting both the fewest days on market since the recession and the month’s highest list prices—an early start to the spring home-buying season, says realtor.com Chief Economist Jonathan Smoke.
“The spring buying season is off to a booming start,” Smoke says. “Not only is the season starting a month early, February is also expected to see the fastest-moving inventory in a decade, as well as the highest home prices the month has ever seen. Homebuyers, take note: This year is shaping up to be even more of a seller’s market than last year.”
Data from realtor.com indicate the median list price will be $250,000 in February—a record-setter—and listing inventory will be up 2 percent from January to 425,000. The median age of inventory for February, in addition, will be 91 days, a 5 percent dip from both January 2017 and February 2016.
Based on the data, the hottest markets in terms of median age of inventory will be Vallejo-Fairfield, Calif. (33 days), San Francisco-Oakland-Hayward, Calif. (27 days) and Dallas-Fort Worth-Arlington, Texas (44 days).