WASHINGTON–Offering a preliminary look at November data, the National Association of Realtors (NAR) said it expects this month will show ongoing record-low levels of housing supply, strong demand, and (not coincidentally) record-high prices.
The NAR said the median list price looks to remain at approximately $250,000 for a fourth straight month, which is 9% higher than last year at this time, and sets a new record for November.
“After an eventful election, demand for real estate appears to be carrying momentum going into the holiday season,” says Javier Vivas, manager of economic research for realtor.com, in a statement. “We expect that to be put to the test, as mortgage rates skyrocket to new highs. But the economic foundations remain strong and most forecasts expect growth as we enter the new year, which should keep waves of buyers intent on entering the market.”
According to the NAR, the 20 hottest markets for housing were:
1 San Francisco
2 Dallas
3 Vallejo, Calif.
4 Denver
5 San Jose
6 San Diego
7 Stockton, Calif.
8 Fort Wayne, Ind.
9 Columbus, Ohio
10 Detroit, Mich.
11 Sacramento, Calif.
12 Boston
13 Santa Rosa, Calif.
14 Fresno, Calif.
15 Modesto, Calif.
16 Billings, Mont.
17 Nashville
18 Los Angeles
19 Oxnard, Calif.
20 Colorado Springs, Colo.