According to data from realtor.com, the housing market across the country is experiencing surges and a decreased number of days that homes stay on the market. Many of the fastest growing housing markets are located in California.
Some of the most sought-after residential real estate is located in California. Of the top 20 housing markets, San Francisco, Vallejo, Santa Cruz, Sacramento, Santa Rosa, San Jose, San Diego, Stockton, Oxnard and Modesto are located within the state. The remaining booming housing markets stretch across the country.
According to the chief economist of realtor.com, this list of booming residential property markets is indicative of the economic recovery in the United States. Of particular importance is the fact that many of the hot markets are located in the Midwest, which has seen significant improvement since 2015. Approximately 550,000 new homes came onto the market in April 2016, providing a 2 percent increase over the number of listings in March. In many areas, the demand is far outweighing the actual supply of available homes. From February to March, the median number of days that a house stayed on the market fell 22 days. In April, the number fell by six more. According to the same economist, lower mortgage rates and higher employment rates are factors that have assisted the housing market spike.
The purchase of a home may very well be the biggest investment in a person’s life, but it is not without peril. Real estate transactions can be complex, and first-time buyers may find that the assistance of an attorney is just as important as the help of a realtor.