As the summer sun sweeps through the United States, the real estate market continues to enjoy a heatwave as well. Realtor.com has analyzed its June 2015 data and explained the trends suggest good news for the housing industry.
Jonathan Smoke, chief economist for realtor.com, examined the numbers for the first three weeks of June and found the median list price to be $233,000, a 7 percent increase from this time last year. Median days on the market remain steady at 66 but are 7 percent less than last year. Since more buyers are entering the market, sellers are encouraged to list. This means inventory is growing as well. As many Americans are optimistically looking for ideal homes, realtor.com is enjoying record high traffic. The number of first-time users has increased by 40 percent, and searches are up 50 percent from 2014.
It is interesting to uncover where housing demand is hottest. Smoke and his team have crunched the numbers and noted California is dominating the housing market. In this state, supply is tight. The economy is getting strong and driving demand. Texas, Colorado, and Michigan are not far behind. These areas have diversified economies and strong affordability. San Francisco leads the list for sales. Other top cities include Dallas, Denver, Detroit, Austin, Santa Rosa, and Ann Arbor.
Things are definitely looking up for the real estate industry. As the economy continues to stabilize, buyers across the country are gaining confidence. It is becoming a smart time to consider entering the market.