{"id":4123,"date":"2015-06-29T08:22:53","date_gmt":"2015-06-29T15:22:53","guid":{"rendered":"https:\/\/realuoso.com\/?p=4123"},"modified":"2015-07-22T18:38:32","modified_gmt":"2015-07-23T01:38:32","slug":"the-20-hottest-real-estate-markets-and-why-this-summer-is-the-best-buying-season-since-2006","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/the-20-hottest-real-estate-markets-and-why-this-summer-is-the-best-buying-season-since-2006\/","title":{"rendered":"The 20 hottest real estate markets and why this summer is the best buying season since 2006"},"content":{"rendered":"

Real estate economists have drizzled good news and okay news throughout this year, but realtor.com Chief Economist, Jonathan Smoke, is offering the best news in years, proclaiming this summer to be the best buying season since 2006, with robust demand and a corresponding growth in supply. The momentum of this spring appears to be carrying over into summer as sales continue to do well. <\/p>\n

\u201cFactors lending themselves to the market\u2019s upswing are the psychological effect of recently increased mortgage rates as well as the specter of the Fed raising interest rates later this year. Although demand has been strong all year, in June we\u2019re finally beginning to see an uptick in supply as sellers become more confident about home prices,\u201d said Smoke. <\/p>\n

First time buyers are driving demand<\/a> as they once again make up a healthier portion of buyers, and when surveyed by realtor.com, 65 percent of older millennials (ages 25-34) indicated in June that they intend to purchase a home within 90 days – an increase of 12 percent compared to just six months ago. <\/p>\n

Add into the mix the National Association of Realtors’ report today<\/a> that pending home sales (contracts signed) rose 10.4 percent in May compared to May 2014. Smoke observes, “Today\u2019s announcement regarding May\u2019s Pending Home Sales \u2014the highest level since April 2006\u2014points to further increases in new and existing home sales in June. The data \u2013 corroborated by both our earlier May findings as well as our Advance Read on June Trends \u2013 all show both demand and supply improving, foretelling further gains this summer.\u201d<\/p>\n

Where are the hottest real estate markets?<\/h2>\n

According to number of views per listing on realtor.com and the median age of inventory in each market in June 2015 are:<\/p>\n

\"20-hottest-markets\"<\/a><\/p>\n

Economic-powered gains reflected in these top markets<\/h2>\n

California continues to dominate the “hottest” markets, representing eight of the top 20 spots, and Denver got bumped out of the top spot by San Francisco in June. Texas holds four spots in the top 20, Michigan is represented twice, and Denver dominates in the top three, yet again. <\/p>\n

Realtor.com observes<\/a>, “The strength of all these markets is a clear reflection of economic-powered gains, but the Texas and Colorado story is more of a continuing narrative indicative of the resilience and diversified nature of the states\u2019 economies particularly evident with the reduced contributions from the oil industry. Michigan\u2019s performance is related to economic recovery and very strong affordability.”<\/p>\n

The median list price rose to $233,000 (up 7.0 percent annually, and 2.0 percent monthly), and median days on market stagnated at 66 days. Realtor.com points out that this summer looks hot, with ample opportunity for buyers, as listing inventory continues to grow. <\/p>\n","protected":false},"excerpt":{"rendered":"

Economic gains and inventory levels point to this being a hot summer, especially in these 20 markets that are continuing to improve.<\/p>\n","protected":false},"author":335938,"featured_media":4125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[313,91],"tags":[99,100,575],"class_list":["post-4123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-big-data","tag-breaking-news","tag-hot-stories","tag-real-estate-markets"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2015\/06\/hot-real-estate.png","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/4123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335938"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=4123"}],"version-history":[{"count":3,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/4123\/revisions"}],"predecessor-version":[{"id":4478,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/4123\/revisions\/4478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/4125"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=4123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=4123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=4123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}