Homes are selling faster in July, and many markets are hotter today than they were a year ago, realtor.com® notes in its newly released housing report. California markets continue to see some of the most traction from home shoppers.
“We normally see the housing market begin to slow down in midsummer, but this year has been a different story,” says Javier Vivas, realtor.com®’s manager of economic research. “Mid- to lower-tier homes are flying off the shelves and … [are] being replaced by higher-priced, larger homes.”
The national median list price in July was $275,000, realtor.com® reports. Further, the National Association of REALTORS® reported this week that 54 percent of existing homes were on the market for less than a month in June.