The recent report released by Realtor.com shows that California’s San Francisco and Los Angeles have been booted off as the hottest housing markets in the country. Currently, Midland, Texas holds that title for two months in a row now.
Apparently, California’s market has already overheated and only four of its market has made it to the top 20.
Realtor.com’s Director of Economic Research, Javier Vivas said, “The California housing market has been hot for a long time – but maybe too hot. Our May hotness index further confirms we’re seeing that as prices in California continue to soar, people are increasingly looking elsewhere.”
Realtor.com came up with the listing by analyzing the supply and demand in the housing market. They used listing views as their indicator for demand while supply is determined based on the median days on the market.