Vallejo, Calif., retained the No. 1 spot, but cities such as Kennewick, Wash., Detroit, and Waco, Texas, moved up the list
Realtor.com ranked the nation’s hottest housing markets, based on potential buyer interest and the length of time that homes stay on the market. Vallejo once again took the top spot, followed by San Francisco, Kennewick, Wash., Sacramento, Calif., and Columbus, Ohio.
A few cities moved several spots up the list, including Detroit (No. 6, from 18 in May) and Waco, Texas (No. 12, from 30 last month).
A short supply of houses has pushed the nation’s median home price to a projected $275,000 as of the end of June, a 9 percent uptick from last year.
Properties stay on the market for a median of 60 days, five days faster than June 2016, and inventory has dipped 11 percent from a year ago.
“The housing market has now gone 24 months in a row seeing inventory drop on a yearly basis, the longest streak in over two decades," said Javier Vivas, manager of economic research at realtor.com, in a statement. The shortage is hitting even more markets, he added—8 out of every 10 have fewer homes for sale now than this time last year.