Of September’s top 20 U.S. housing markets, California cities take 11 spots on the list, far ahead of Texas, which placed three cities on the list. The good news for buyers is that prices peaked in July, although prices remain 6% higher on average than they were a year ago.
The data come from a report out last week from Realtor.com and is based on activity through the first three weeks of September. According to the report, listed inventory of homes for sale peaked in September and is likely to close the month down 0.5% from August.
The median price for homes fell 1% month over month to $230,000 and listings are now staying on the market for a median of 80 days, up 6.7% from August but down 5% year over year.
Jonathan Smoke, chief economist at Realtor.com, said:
Would-be buyers have struggled to find a home all year, but now inventory is nearly as high as it has been all throughout 2015, and it isn’t moving as quickly. Likewise, price appreciation remains above normal levels but has declined from the higher pace of the spring and summer.
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The top 20 housing markets in September are:
- San Francisco, Calif.
- Dallas, Texas
- Denver, Colo.
- Vallejo, Calif.
- San Jose, Calif.
- San Diego, Calif.
- Santa Rosa, Calif.
- Sacramento, Calif.
- Santa Cruz, Calif.
- Yuba City, Calif.
- Midland, Texas
- Stockton, Calif.
- Los Angeles, Calif.
- Columbus, Ohio
- Nashville, Tenn.
- Detroit, Mich.
- Ann Arbor, Mich.
- Modesto, Calif.
- Austin, Texas
- Fort Wayne, Ind.
The cities typically include satellite metros. For example, the San Francisco market also includes Oakland and Hayward.
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