San Diego was the fifth “hottest” real estate market in the country in June, moving up from eighth place in May, according to a new report by Realtor.com.
The website operated by the National Association of Realtors said properties were on the market in San Diego for a median of only 40 days, compared to 65 days nationally.
“The residential real estate market is showing no signs of slowing down as the summer begins,” said Jonathan Smoke, chief economist for Realtor.com. “Pent-up demand and the lowest mortgage rates we’ve seen in three years are continuing to move inventory at the fastest pace we’ve seen so far this recovery.
“While we are seeing a substantial amount of new listings come onto the market, it’s not enough to satisfy demand as we continue to repeat the pattern of the last 22 months of having fewer homes for sale than we had the prior year,” he added.
Seven of the 10 hottest markets were in California in June, led by Vallejo-Fairfield north of the San Francisco Bay Area.
Realtor.com said cities among the 20 hottest markets nationwide receive two to three times the number of views per listing compared to the national average.
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