Study: San Diego is 8th Hottest city for Real Estate

When it comes to supply and demand, metro San Diego was the eighth “hottest” home market in the United States in May, according to a monthly report from Realtor.com.

San Diego County jumped five spots from April to make the Top 10 of the website’s hotness index. The Vallejo-Fairfield market was ranked first and San Francisco was second.

Realtor.com decides what are the hottest markets by looking at homes’ days on market, which is based on how long listings stay online and the number of page views per listing on its website.

The median online listing time for a home in San Diego County was 37 days on market, down from 41 the month before. 

Realtor.com Hotness Index

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“Market hotness has very different meanings,” said Javier Vivas, economic researcher for Realtor.com. “In our very basic interpretation, we’re simply saying there is pent up demand and limited supply.”

A lack of homes for sale, coupled with job growth and low interest rates, have pushed home prices up 6.4 percent in the last 13 months in San Diego County. The median home price here was $489,000 in April, said real estate tracker CoreLogic.

California dominated the top 20 hottest markets list with 10 areas. Denver, Dallas and Columbia were the only areas outside California to make the top 10.

Source: Realtor.com / sandiegouniontribune.com