The Hottest Housing Market Is ... – NMP Skip to main content

The Hottest Housing Market Is ...

May 27, 2016
In what has become one of the most predictable trends in housing data, California dominates the latest hottest markets list compiled by Realtor.com

California metro areas occupying 10 of the top 20 slots.

Once again, California dominates Realtor.com’s monthly hottest housing markets list—but after months in the number one position, San Francisco has been displaced as the hottest market by Valencia, Calif.

The May list of hottest housing markets found California metro areas occupying 10 of the top 20 slots. But Jonathan Smoke, chief economist at Realtor.com, noted a pleasant surprise at two Michigan metro areas—Ann Arbor in eleventh place and Detroit in nineteenth place—on the list.

“It’s a very affordable market now, benefiting from economic growth and a bit of renaissance,” Smoke observes.

Smoke stated that the most recent housing data was pointing to a vibrant (if pricey) summer sales season.

“The past three months have set new records,” he continued. “Prior to that, the highest median list price was July last year. This spring’s real estate market is coming in strong, just as we expected. Pent-up demand and low mortgage rates are driving consumers into the market with urgency. However, the recurring issue of limited supply is leading to higher prices.”

As for the troublesome question of inventory, Smoke observed that more than 550,000 listings were added to the market so far in May, yet the inventory level is four percent lower than it was one year ago.

About the author
Published
May 27, 2016
Trump Names FHFA Director Bill Pulte Acting Director Of National Intelligence

FHFA director will continue overseeing Fannie Mae and Freddie Mac while serving as acting director of national intelligence

Jun 02, 2026
Realtor.com Launches AI Home Search Platform Built With Google

New RealAssist tool combines AI, affordability guidance and Google Maps data to engage buyers before they reach lenders

Jun 02, 2026
Another MLS Challenges Zillow In Fight Over Listing Visibility

Realtracs joins MRED in pushing back on Zillow's listing policies, a battle with potential implications for the broader homebuying and mortgage ecosystem

May 29, 2026
Gas Prices Are Quietly Reshaping Homebuyer Affordability

Rocket Money data suggests rising fuel costs are adding pressure to already payment-sensitive buyers as mortgage rates remain elevated

May 28, 2026
MISMO Targets Costly TRID Fee Cures With New Mortgage Fee Standardization Framework

MBA’s standards organization says inconsistent fee naming still drives costly redisclosures and rework, with fee-related cures affecting more than 30% of mortgage loans

May 27, 2026
Zillow-Compass Fight Raises Bigger Questions About The Future Of Mortgage Lead Distribution

Legal battle over private listings and MLS access highlights growing competition to control the homebuyer relationship before borrowers reach a loan originator

May 21, 2026