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August 2017   Volume 43, Number 8      
 

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America’s Hottest Real Estate Markets: May 2017

Driven by an increasingly scarce supply of available homes, prices for residential real estate reached new heights in May and many homes were swiftly purchased by a lucky few homebuyers, according to new data from Realtor.com®.

As of Spring 2017, the nationwide median home list price climbed above $250,000 for the first time. Now at $275,000, the median list price of a home is 10 percent higher than in 2016. Prices are showing no signs of leveling off.

This is good news and bad news. The good news: The inventory of homes for sale increased slightly from April to May, with 560,000 new listings. The bad news: That was still a drop of 11 percent from May 2016 — not nearly enough to keep up with increasing demand. Much of the new inventory is quickly being purchased or is priced beyond the reach of the average homebuyer.

“With a record number of home buyers out there, this is officially the most competitive, fastest-moving spring housing market in decades,” said Javier Vivas, manager of economic research at Realtor.com. “Following a furious start to the season, the median days on market for homes on Realtor.com in May is the lowest since the end of the recession, and marks the first time that 1 in 3 homes is selling in under 30 days nationally.”

For May 2017, the top 5 hottest real estate markets were Vallejo, Calif., San Francisco, Calif., Boston, Mass., Sacramento, Calif., and Kennewick, Wash.

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In this issue:

The 10 Fastest Growing Cities in the U.S.

3 Million First-time Homebuyers Shut Out of Home Market in Past Decade

America’s Hottest Real Estate Markets: May 2017

Home Prices Are Increasing, But Mortgages Are Still Cheap

Fed Announces Third Rate Hike in 7 Months

Industrial Real Estate Development Reaches 10 Year High

Real Estate Companies Are Moving to the Cloud

Mortgage Applications Down 12 Percent Since 2016

Why More Millennials Are Finally Buying Real Estate

Why More Real Estate Firms Are Now Offering Mortgages



 


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