Home-Buying Sets a Record as California Loses Grip on Hottest Markets

By
Real Estate Agent with Howard Hanna Real Estate Services 393889

As the home-buying season enters its most frenetic period, the pace of sales set new records in May, according to an analysis of realtor.com® data for the month. That's not all: Listing prices also continued to set records. However, in the end of a historic run, the majority of the hottest markets in the country are no longer in California.

Craziests buildings in California

“Our latest inventory data confirms we’re in the thick of the hottest home-buying season on record, as the pace of sales nationally has officially reached a seasonal and historical high," said Javier Vivas, director of economic research at realtor.com. "The frantic activity observed this month means homes are spending 32 fewer days on the market compared to six years ago, and 39 of the top 50 largest markets in the country are seeing the lowest days on market since we started tracking in 2012."

The median listing price reached $297,000 in May, an increase of 8% over the previous May.

The total inventory of homes for sale grew 6% over April, more than the 4% average increase in previous Mays going back to 2012.

So where is all this home-buying activity the hottest? As we do each month, we ranked the country's top metro markets by how fast homes are sold and how many views listings get.

This month shows that California's seemingly endless reign over the top 20 markets has, in fact, ended—at least for now. The Golden State claims only four markets on the list.

For the second month in a row, Midland, TX, tops the list. The oil town in West Texas has seen its fortunes rise lately.

Other standouts are Fort Wayne, IN, and Grand Rapids, MI, which leaped up 20 and 16 spots, respectively, since April.

Here's the full list of the hottest markets in the U.S. in May.

 

Rank (May)  Market  Rank (April)  Rank Change
1  Midland, TX  1 0
2  Boston, MA   2 0
3  San Francisco, CA  3 0
4  Columbus, OH  4 0
5  Vallejo, CA  5 0
6  Boise City, ID  11 5
7  Stockton, CA  8 1
8  Buffalo, NY  17 9
9  Grand Rapids, MI  25 16
10  Fort Wayne, IN  30 20
11  Colorado Springs, CO  6 -5
12  Sacramento, CA  7 -5
13  Worcester, MA   21 8
14  Rochester, NY  14 0
15  Ann Arbor, MI  9 -6
16  Detroit, MI  16 0
17  Odessa, TX  15 -2
18  Spokane, WA  13 -5
19  Dallas, TX  19 0
20  Racine, WI  12 -8
 
Cicely Wedgeworth is the managing editor of realtor.com. She has worked as a writer and editor at Yahoo, the Los Angeles Times, and Newsday.
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Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good day 

Thank you for sharing your information with us 

Have a great day.

Jun 17, 2018 02:24 PM #1
Rainmaker
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Mott Marvin Kornicki
Waterway Realty, Realtors® • Broker • South East Florida • - Miami Beach, FL
Waterway Realtors, Notary Public 786-229-7999

Seems like our local market is slowing down - mostly due to over-building and excess supply of new, high-end condominiums.

Jul 03, 2018 05:25 AM #2
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Rainmaker
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Laura Lyons

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