SJ County ranked as fifth hottest housing market in U.S.

By The Record

May 27, 2016

With the 2016 home-buying season in full swing, Realtor.com says San Joaquin County is the No. 5 hottest U.S. housing market in May, up from No. 14 on its top-20 hotness index in April.

California markets dominate the list, taking 10 spots including Vallejo-Fairfield, at No. 1; followed by San Francisco-Oakland, No. 2; and Santa Rosa taking the fourth spot.

Those rankings are based on the number of views per listing on Realtor.com and how long an average listing remains on the site.

Typically, listings in the 20 hottest markets receive two to three times the views compared to the national average. And inventory moves 19-25 days more quickly than the rest of the U.S.

Based on preliminary May data, the median age of properties on Realtor.com in May was 65 days, which was the same median age as a year ago and three days faster than last month.

The median age of San Joaquin County listings on Realtor.com was 36 days in May, down from 41 days in April.

The median home listing prices was $250,000 — 9 percent higher than one year ago and 2 percent higher than April.

Jonathan Smoke, chief economist of Realtor.com, said:

“Based on our early read of demand and supply data in May, 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 record-high prices.”

Nationally, there are signs that new single-family home construction is on the increase, providing a welcome alternative in some markets.

“Potential buyers are finding they can avoid a competitive bid situation if they elect to sign a contract on a home to be built,” Smoke said.

“As the share of new homes sold goes up, we should eventually see signs of more balance in the existing home market, like lower price appreciation. However, we clearly aren’t there yet.”

http://www.recordnet.com/news/20160526/sj-county-ranked-as-fifth-hottest-housing-market-in-us