Though the real estate market cooled down a bit at the end of the year, some housing markets were still hot in December says Realtor.com's Cicely Wedgeworth. The median list price in December was $228,000, down only 1% from the previous month but up 9% from December of last year. Most major markets saw a decrease in demand and inventory, Listing inventory is expected to decrease 7% during the month compared to November, but home are selling faster, with the median age of inventory now at 93 days, which is up 11% from November.
For the second month in a row, San Francisco was at the top of the list for markets where homes are moving the fastest, followed by San Jose. Newcomers to the December list included Tampa, Fla., Fort Wayne, Ind., and Midland, Texas. Homes on Realtor.com's hottest market list move off market 29 to 51 days more quickly than the rest of the U.S., and they have seen days on market drop by a combined average of 15% year over year.
“While California closed out our latest ranking still firmly in control of the hottest markets, the Midwest and Florida are both seeing substantial improvement,” said Johnathan Smoke, chief economist of realtor.com. “Pent-up demand and robust economic growth combined with limited supply will keep California tight in 2016, but more markets will challenge them as demand improves elsewhere.”