The Hottest Housing Market in March Is …

Mar 30, 2018

For the second time this week, a new data survey has named San Francisco as the worst market for first-time homebuyers

San Francisco continued to reign on Realtor.com’s list of hottest housing markets, holding the number one spot for March. However, the top 20 list for March saw a number of significant ranking changes.

Vallejo, Calif., moved into second place from last month’s third place ranking, while Colorado Springs, Colo., jumped from ninth place in February to third place for March. But three markets made major leaps up the chart: Boston, which ranked 21st in February, ranked seventh in March, while Idaho’s Boise City leaped from 22nd to 13th and Buffalo, N.Y., skyrocketed from 35th to 18th and broke into the top 20 for the first time since June 2015.

Also rising were median listing prices: $280,000, the highest level reached since Realtor.com began tracking this data in 2012. March’s median listing price was eight percent higher on a year-over-year basis. Also rising, albeit less dramatically, was inventory: up 3 percent from February, although 8 percent lower than one year earlier.

“Never in history have there been more eyes on fewer homes than today,” said Javier Vivas, director of economic research at Realtor.com. “The price gains observed in the last days of March tell us the market is on pace to see half of the homes listed above $300,000 this summer. This means buyers are not just having to pay more for the same home—they’re also seeing the mix of what’s available change more rapidly.”

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Phil Hall

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Mar 30, 2018

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