The spring housing market may be off to an early start this year, especially in a handful of cities.
Nationally, buyer demand is high, despite a stubbornly low inventory of homes for-sale. This month saw list prices move up 1 percent over January, reaching $230,000. That is an 8 percent increase over a year ago, according to realtor.com®’s latest housing report.
“I would use the phrase ‘pent-up-demand’ liberally – we’re seeing it come through in the marketplace,” says Jonathan Smoke, realtor.com®’s chief economist. “The people who didn’t buy last year were frustrated because they were outbid or couldn’t find a home that met their needs. So they more or less took the holidays off, and are back with way more intensity.”
Realtor.com® pinpointed the hottest medium- to large-markets nationwide. Listings in these 20 places were viewed two to five times more often on realtor.com® than the national average, and homes are sold 44 to 78 more days quickly.
Source: “The 20 Hottest U.S. Real Estate Markets in February 2016,” realtor.com® (Feb. 25, 2016)