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Another Top-10 List — Hottest U.S. Housing Markets May 2017 BY TED C. JONES, PH.D. ON JUNE 12, 2017

As the housing market reaches the annual summer apex, the severe shortage of inventory coupled with strong housing demand is seeing limited selection of listings and record-low number of days on the market. Homes sold in April were on the market a median 29 days (52 percent were on the market less than one month) – the shortest period of time recorded since the National Association of Realtors® started collecting this metric in May 2011

Many potential sellers have held back their listings given a fear of not finding a replacement property, further aggravating the shortage of listings. All of this is driving up prices, with many properties selling for more than the original listing price.

The following table shows the hottest housing markets based on Realtor.com’s Hotness Index for May 2017. California snagged one-half of the top-10 slots. The massive 20-billion barrel oil discovery in the Permian basin is obviously driving the Midland, Texas market. I imagine Odessa, Texas is similar.

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To read the entire article from RISMedia on Realtor.com’s Hottest Housing Markets click http://rismedia.com/2017/06/04/housing-ablaze-activity-california-cools/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews#close

In these hot markets, the use of a top professional real estate agent or broker may make the difference for home shoppers in being successful in acquiring a property.

For home sellers today, congratulations on selling into such a hot market. For homebuyers, good luck in your search and negotiations.

Ted

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