Homebuyer interest continues to shift from pricier markets

by Steve Randall17 Aug 2018

California and other high-priced housing markets are falling out of favor among homebuyers as lower-priced markets gain.

That’s the trend shown in research from realtor.com which analyzes listings viewing data from the site to identify the 20 hottest US housing markets over the past month.

For July, there was a continued lead for Midland, TX, staying at the top for a fourth consecutive month. The market has a growing oil-based economy and saw 2.4 times more listing views than the US overall.

The report shows that the spread of states with the hottest markets is widening with 11 in July compared to 8 a year earlier.

The combined median list price in the top 20 was $344,000 – the lowest price for the top 20 combined since realtor.com started tracking in 2012.

The largest geography represented on the list was the Midwest, which had a combined a median list price of $236,000, well below the national and top-20 list averages.

"With the median home list price hovering at a record level, affordable markets are very attractive for buyers, which is contributing to the popularity of many Midwestern markets," said Danielle Hale, chief economist at realtor.com. "Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding. Even these affordable markets run the risk of what we've seen elsewhere if they aren't able to keep pace with new construction.

July Top 20 Hottest Markets

 

20 Hottest Markets

July

Rank

July Median

Age of

Inventory

June Rank

June Median

Age of

Inventory

Midland, Texas

1

29 days

1

29 days

Fort Wayne, Ind.

2

34 days

4

34 days

Boise City, Idaho

3

34 days

5

33 days

San Francisco-Oakland-Hayward, Calif.

4

30 days

6

25 days

Columbus, Ohio

5

37 days

2

32 days

Colorado Springs, Colo.

6

32 days

9

30 days

Detroit-Warren-Dearborn, Mich.

7

38 days

10

37 days

Racine, Wis.

8

39 days

11

38 days

Vallejo-Fairfield, Calif.

9

36 days

7

30 days

Rochester, N.Y.

10

40 days

14

38 days

Sacramento--Roseville--Arden-Arcade, Calif.

11

37 days

13

35 days

Janesville-Beloit, Wis.

12

40 days

27

41 days

Boston-Cambridge-Newton, Mass.-N.H.

13

41 days

3

33 days

Dallas-Fort Worth-Arlington, Texas

14

39 days

17

38 days

Pueblo, Colo.

15

40 days

26

42 days

Buffalo-Cheektowaga-Niagara Falls, N.Y.

16

40 days

8

36 days

Stockton-Lodi, Calif.

17

37 days

16

36 days

Fresno, Calif.

18

41 days

22

40 days

Odessa, Texas

19

42 days

47

47 days

Grand Rapids-Wyoming, Mich.

20

37 days

12

31 days

 


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