September home sales typically tail off as the summer winds down and the kids head back to school. But September 2016 may have broken the mold — preliminary data indicate that homes are moving 4% more quickly year over year, even with home prices at record highs.
According to preliminary estimates from Realtor.com, the median price for a home in September equaled the August median of $250,000, but that’s up 9% year over year and a record high for the month.
Homes for sale remained on the market a median of 77 days, three days less than a year ago, and nine days slower than in August. With fewer homes coming on the market now and keeping the supply down, buyers have fewer options in a market that already has been pretty tight.
Jonathan Smoke, Realtor.com’s chief economist, noted, “The fundamental trends we have been seeing all year remain solidly in place as we enter the slower time of the year.”
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Realtor.com has identified September’s 20 hottest U.S. home markets, those medium-to-large cities where homes sell fastest because buyers are eager to buy. Of the top 20, 10 are in California, and four are located in the San Francisco Bay area, not including Santa Cruz or Sacramento. Here’s the full list:
- San Francisco, California
- Vallejo, California
- Denver, Colorado
- Dallas, Texas
- San Diego, California
- Stockton, California
- Fort Wayne, Indiana
- Sacramento, California
- San Jose, California
- Waco, Texas
- Modesto, California
- Columbus, Ohio
- Yuba City, California
- Detroit, Michigan
- Santa Rosa, California
- Colorado Springs, Colorado
- Santa Cruz, California
- Kennewick, Washington
- Nashville, Tennessee
- Grand Rapids, Michigan
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