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Once again, California dominated Realtor.com’s listing of the hottest housing markets, taking up half of the top 20 rankings.
The Bay Area occupied the upper berths of the hottest markets list for March, with Vallejo and San Francisco holding the number one and two spots for the second consecutive month while nearby San Jose held the fifth-place ranking. Dallas and Denver retained their third- and fourth-place rankings, respectively, from last month’s list. But while the individual listings may not have produced any great surprises, the real eye-opener came in the frenetic spring season homebuying activity.
“Calendars might say this is the first week of spring, but we’re already right in the thick of the most frenzied spring home-buying season on record,” said Javier Vivas, manager of economic research at Realtor.com, adding that the nearly 492,000 new listings entering the market this month will not be enough to reverse the ongoing problems with inventory. “While the story keeps revolving around low inventory, prices are now also taking center stage, reaching all-time highs and keeping waves of buyers at bay.”