Cool Down In Housing

Autumn began in September, but activity in the housing market remained at summer-like levels through October, according to realtor.com®’s latest data preview. Prices in October were 10 percent higher than those one year ago, with the national median at $275,000 and the national median age of inventory at 73 days.

“This month we aren’t just experiencing still-summery weather—we’re also seeing a sizzlingly competitive housing market at a time when things are usually cooling off for the fall,” says Danielle Hale, chief economist at realtor.com. “With not enough homes on the market to meet the high demand, homes are selling 8 percent more quickly than a year ago even though prices are as high as they’ve ever been.

“For potential buyers who waited until fall hoping to score a bargain, the pickings are disappointingly slim,” Hale says, “but one potential bright spot for market-fatigued buyers is that new listings are up slightly from one year ago. While new listings declined in the first four months of the year, they have increased on a year-over-year basis in five of the last six months.”

The housing markets ranking in realtor.com’s Hotness Index for October:

1. San Jose-Sunnyvale-Santa Clara, Calif.

Median Age of Inventory: 30 days

2. Vallejo-Fairfield, Calif.

Median Age of Inventory: 38 days

3. San Francisco-Oakland-Hayward, Calif.

Median Age of Inventory: 30 days

4. San Diego-Carlsbad, Calif.
Median Age of Inventory: 40 days

5. Boston-Cambridge-Newton, Mass.-N.H.
Median Age of Inventory: 46 days

6. Stockton-Lodi, Calif.
Median Age of Inventory: 41 days

7. Sacramento-Roseville-Arden-Arcade, Calif.
Median Age of Inventory: 44 days

8. Detroit-Warren-Dearborn, Mich.
Median Age of Inventory: 47 days

9. Denver-Aurora-Lakewood, Colo.
Median Age of Inventory: 41 days

10. Modesto, Calif.
Median Age of Inventory: 43 days