Not even the off-season can slow down demand. This month, homes are selling five days quicker than in January and 5 percent faster than at the same time last year.
Realtor.com released its monthly rankings of the nation’s hottest real estate markets. As usual, California markets dominated, with 12 cities in the top 20. Vallejo overtook San Francisco for the No. 1 spot, and demand is strong in San Jose, San Diego, Yuba City, and Modesto. Other popular sellers’ markets outside the state include Dallas, Denver, Detroit, and Columbus, Ohio.
Nationally, the median list price is $250,000, which is 9 percent higher than the same time last year, and on pace to be a record for February.
While nearly 425,000 new listings will have entered the market in February, there still aren’t enough to meet buyer demand. In fact, the sharp double-digit decline in for-sale housing inventory observed since October is continuing.
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