Ten metros are standing out for strong price appreciation, housing inventory increases, and a rise in home sales that are far outpacing the more moderate gains in the national housing market, according to realtor.com®'s National Housing Trend Report for June.
"National housing trends are masking some of the excitement we're seeing in individual markets," says Jonathan Smoke, realtor.com®'s new chief economist. "For the last two years, listing shortages constrained home sales and frustrated buyer demand. Our June data shows monthly inventory picking up in markets already experiencing price increases and fast property turnover. These dynamics will result in strong home sales and extend the buying season past the usual June/July peak to later in the third quarter."
Reno, Nev., has seen the largest year-over-year increase in home prices — nearly 18.5 percent — while homes in Charlotte, N.C., are selling 14 days faster than a year ago, at a median of 64 days, according to realtor.com®'s report.
"The markets where we expect significant third-quarter home sales are all very different, ranging from small to large, affordable to expensive, previously distressed to minimally affected by the downturn," Smoke says. "Diversification in the areas experiencing healthy real estate economies is a key indicator that the housing recovery has become more sustainable."
Nationwide, median list prices edged up 7.6 percent in June compared to a year ago, according to realtor.com®. But the following 10 markets are expected to continue to see "significant growth" in home sales:
Median listing price: $226,025
Baton Rouge, La.
Median listing price: $188,000
Charlotte-Gastonia-Rock Hill, N.C.-S.C.
Median listing price: $209,000
Median listing price: $162,500
Des Moines, Iowa
Median listing price: $179,900
Median listing price: $187,000
Median listing price: $299,000
Median listing price: $295,000
Median listing price: $198,000
Median listing price: $429,000