Eight California Cities Make It to Realtor's Hottest U.S. Housing Markets for November
Eight cities in California are considered some of the hottest U.S. housing markets for the month of November.
Many California cities made it to Realtor's top ten list of hottest U.S. housing markets in November, which indicated the presence of strong demand in these cities. On top of the list is San Francisco, followed by Vallejo at the second spot, and San Jose at the fourth slot. Other California cities in the list include San Diego, Sacramento, Santa Rosa, Oxnard and Stockton. The two non-California cities on Realtor's top ten list are Denver, which landed at the third spot, and Dallas at fifth place.
According to Realtor's Chief Economist Jonathan Smoke, California continued to be hot given the "pent-up demand" for housing. He stated that this will continue to "drive activity in very supply-constrained markets."
Apart from the hottest market list, Realtor has also noted that activity in the U.S. housing market is "slowing down" given the upcoming holiday season. The number of homes for sale in the market is decreasing, coupled with a stable median list price. Realtor's Smoke explained that this trend usually happens during the fall and holiday seasons.
He stated, "Sales and demand always slow down in the fall as a result of school, weather, and the holidays. We are seeing inventory decline at a normal pace, taking into account that it peaked later in the year this year. But we're also seeing prices remain firm and age of inventory remain lower than you would typically see, which reflects more demand than normal."
Meanwhile, the latest report from the California Association of Realtors (CAR) indicated a decrease in home prices and home sales in the state. For the month of October, sale transactions of existing single family homes dropped 5.1 percent from previous month. However, the month's tally of 403,510 home sales is higher by 1.3 percent from October 2014.
Median home prices also dipped 1.3 percent from September, according to the CAR report. The October median home price in California was at $475,990. The average price is higher by 5.7 percent as compared to the same period last year. Statewide, home sales posted numbers above the 400,000 mark for seven straight months in October.