Denver, Colorado is number three in the medium to large U.S. markets selling the fastest.
July 2016 may end up as a month for the record books. According to new realtor.com® data, the U.S. is seeing the hottest July for home buying and selling in a decade.
Read more: These Real Estate Markets Are Getting Very Hot
“The best spring in a decade has transitioned into the hottest summer in a decade,” says Jonathan Smoke, realtor.com®’s chief economist. “Pent-up demand left over from tight supply for two years against the backdrop of mortgage rates remaining near three-year lows have encouraged buyers to keep active at a time when sales usually begin to decline.”
Smoke estimates that properties spent a median of 68 days on the market in July, and the median home price is $251,000, a record price for the month and 7 percent higher than a year ago.
In certain markets, housing markets are especially sizzling. Realtor.com®’s research team took a look at the number of days homes spent on the market, the measure of available supply, and the number of listing views on realtor.com® (to represent demand). They then identified the following 20 medium-to-large U.S. markets where homes are selling the fastest: