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Realtor.com crunched numbers to find the hottest housing markets of October. California had 12 of the top 20. Many were cities pounded as the real estate bubble burst.
Jonathan Smoke, chief economist of the site set the methodology:
Smoke’s team reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-size to large markets in the country.
These markets receive 1.8 to 3.6 times the number of views per listing as the national average.
They’re also seeing inventory move 30 to 47 days more quickly than the rest of the U.S. They have also seen days on market drop by a combined average of 19% year over year
Among the most damaged markets where those in inland California, away from the Pacific Ocean. Most also have been plagued by high unemployment. These include Vallejo in fifth place, Sacramento in seventh, Santa Rosa in eighth, Yuba City in ninth, Stockton in 10th, Santa Cruz in 12th, Oxnard in 15th and Modesto in 19th. Another factor these cities share is that many sit in or near the most drought-stricken areas of a drought-stricken state.
ALSO READ: America’s 50 Best Cities to Live In
Prices in several cities on the California Pacific Coast also rallied. San Jose was second on the list, followed by San Francisco. San Diego was in 6th place and Los Angeles in 10th. Of California’s more than 38 million residents, 7 million live in these cities.
Among the other cities, Detroit ranked 16th and nearby Ann Arbor at 18th. The area was decimated as car companies and auto-related firms laid off tens and tens of millions of people. Fort Wayne, another industrial city, suffered from similar problems.
The Realtor Hot List
- Denver, Colo.
- San Jose, Calif.
- San Francisco, Calif.
- Dallas, Texas
- Vallejo, Calif.
- San Diego, Calif.
- Sacramento, Calif.
- Santa Rosa, Calif.
- Yuba City, Calif.
- Los Angeles, Calif.
- Stockton, Calif.
- Santa Cruz, Calif.
- Midland, Texas
- Nashville, Tenn.
- Oxnard, Calif.
- Detroit, Mich.
- Boulder, Colo.
- Ann Arbor, Mich.
- Modesto, Calif.
- Fort Wayne, Ind.
ALSO READ: The Most Educated City in Each State
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