In their midyear report, Realtor.com said residential real estate is on track for the best year since 2006. They attribute job growth and high rents for the rising demand. The threat of higher interest rates is also pushing up sales. Read the full article here.
We’re Hot, Hot, Hot
Realtor.com announced California as having almost half of the 20 hottest housing markets in the country in June, with San Diego coming in 12th on its list. They ranked medium to large sized cities by views relative to the number of listings and by the median days homes spent on the market.
According to Realtor.com, the continued tight housing supply and our economic growth are the reasons why our markets are so hot. Texas came in second with four markets in the top 20.
Nationally, listing inventory is growing to help meet that demand, but we are not yet seeing this in San Diego County. Our inventory has remained at a low 2.8 months’ supply since April of this year. This is a very small increase from the beginning of the year, but not anywhere near the five to six months’ inventory we expect to see in a normal market.