The time it has taken for homes to sell nationwide in January has decreased at a rate of 4 percent compared to a year ago, despite record-high housing prices, according to realtor.com®'s latest housing report.
"We saw evidence of a stronger-than-normal off season starting last September and October due to pent-up demand and surging interest from first-time buyers," says realtor.com® chief economist Jonathan Smoke. "The downside to this strong off season is that we have started 2017 with a new low volume of available homes for sale and a new high for prices."
Listing inventories are down 11 percent in January compared to a year ago. Also, the median list price for the month is an estimated $250,000 — 10 percent higher than January 2015, realtor.com® notes. Nevertheless, "the threat of rates approaching multiyear highs in the months ahead is creating a sense of urgency [among buyers]," Smoke says.
The following are the top-performing markets this month:
- San Francisco
- San Jose, Calif.
- Vallejo, Calif.
- Dallas
- San Diego
- Sacramento, Calif.
- Yuba City, Calif.
- Denver
- Stockton, Calif.
- Fresno, Calif.
- Oxnard, Calif.
- Columbus, Ohio
- Colorado Springs, Colo.
- Nashville, Tenn.
- Detroit
- Modesto, Calif.
- Los Angeles
- Tampa, Fla.
- Santa Rosa, Calif.
- Fort Wayne, Ind.
Source: “The 20 Hottest Markets for U.S. Real Estate in January 2017,” realtor.com® (Jan. 26, 2017)
