May was a strong month for the housing market with a $250,000 median listing price for homes (a 9% increase from last year) as well as a 4% increase in listings added to the market from April. Realtor.com's Cicely Wedgeworth takes a look at these trends as well as the hottest real estate markers for the month of May.
Realtor.com's chief economist Jonathan Smoke assembled the list by viewing the median days on the market and the number of views per listing among the country’s medium-to-large metropolitan areas:
While California has dominated the hot list for some months now, we’re starting to see a few surprises and more variety. Colorado maintained its two spots from the April ranking. Detroit, which has bounced on and off our monthly hottest markets list, came storming back at the 19th place this month, giving Michigan two spots (in addition to No. 11 Ann Arbor).