It’s that time of year again. Across the country, real estate markets often see their busiest periods throughout July and August, making summer the hottest season for buying and selling homes.
So far, 2015 is shaping up to be another year of healthy summertime real estate growth, reported Realtor.com, with inventory and demand expected to reach peak levels this month.
Throughout July, the median list price for U.S. homes rose to $234,000, a 1% increase from June and a stunning 7% growth from the same time last year. Median days on market — the number of days it takes for a home to sell — reached 69 days in July as well, another 7% decrease from July 2014.
It’s just more evidence of the steadily growing U.S. housing market. This year’s upward trajectory of growth began in March, when builders broke ground on some 618,000 single-family housing starts.
“This year we’re seeing inventory continue to grow in July, albeit at a slower pace than this spring,” said Jonathan Smoke, chief economist of Realtor.com. “And while demand overall is strong, the trend in median days on market is suggesting that the market is finding more of a balance, which bodes well for more moderate price appreciation in the months ahead.”
So which housing markets are doing better than the rest?
San Francisco continues to be the No. 1 housing market in the nation, HousingWire reported. Homes in this market sell at a median price of $748,000, and stay on the market for an average of 30 days.
Close behind San Francisco are Denver, CO, Dallas, TX, Vallejo, CA and Santa Rosa, CA, which round out the top five respectively. Throughout these markets, demand remains high, allowing for the rapid buying and selling of homes that makes any market healthy. Additionally, these markets are seeing an influx of new home constructions to help meet demand.
“These hottest markets are the best in the country from both a supply and demand perspective,” Smoke said.
As more families rush to close on homes before the start of the school year, it’s safe to say that many of these markets haven’t even reached their peak levels yet this year.