According to new realtor.com® data, the U.S is seeing the hottest July in a decade.“The best spring in a decade has transitioned into the hottest summer in a decade,” says Jonathan Smoke, realtor.com®’s chief economist.
“Pent-up demand left over from tight supply for two years against the backdrop of mortgage rates remaining near three-year lows have encouraged buyers to keep active at a time when sales usually begin to decline.”
Smoke estimates that properties spent a median of 68 days on the market in July, and the median home price is $251,000, a record price for the month and 7 percent higher than a year ago.
According t the report, the median home price slipped 1% from June, to $251,000 for July.
20 Hottest Markets;
1-Vallejo, Calif. (second consecutive month at number one spot)
4-San Francisco, Calif.
7-San Diego, Calif.
8-Santa Cruz, Calif.
10-Santa Rosa, Calif.
11-Yuba City, Calif.
14-Fort Wayne, Ind.
15-San Jose, Calif.
16-Colorado Springs, Colo.
20-Ann Arbor, Mich.