The list revealed surprises. For the first time in six years, California markets did not rank in the top five.
“California is not as hot as it was. It’s because of low inventory and median home prices in some areas that are close to a million dollars,” explains Realtor.com’s Chief Economist Danielle Hale. “We are seeing people looking elsewhere to less expensive areas,” Hale adds.
The markets hitting three sweet spots—limited supply, strong demand and prices rising made the hottest market list. Days on Market (Realtor.com calls it Median Age of Inventory) is a key indicator determining a market’s health. That number averaged only 34 days in Realtor.com’s top 20 markets nationwide.
Read Full Article [www.forbes.com]