A study by Pro Teck Valuation Services’ Home Value Forecast October update found that, in the 29 hottest housing markets, there is less than four months of remaining inventory.
Indicators such as sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio, foreclosure percentage, and REO activity were used to name which Census Bureau Statistical Areas were the hottest, HousingWire reports.
"While new housing units are on the upswing, the numbers are still at historical lows," Tom O'Grady, CEO of Pro Teck Valuation Services, told HousingWire. "That, combined with approximately 2.5 million single-family homes becoming rental units since the crash has left the U.S. with a limited housing supply."
Here are the top 5 markets from Pro Teck’s list of 29 Hottest Markets, complete with their months of remaining inventory:
- Anaheim-Santa Ana-Irvine, Calif. – 3.83
- Bellingham, Wash. – 2.50
- Boise City, Idaho – 2.63
- Charlotte-Concord-Gastonia, N.C.-S.C., 3.96
- Chico, Calif. – 3.72