Not every economic outcome is homogeneous: some markets perform better than others. Once again I need to invoke the TINSTAANREM clause — There Is No Such Thing As A National Real Estate Market. Each real estate market is different. Ditto their underlying economies.
Each month, Realtor.com examines housing markets across the country focusing on the median number of days homes are on the markets, number of listing views and the supply listings.
Where are the hottest housing markets in the U.S. in August 2016 based on Realtor.com’s metrics? In addition to Realtor.com’s rankings, also added are latest job growth rates for the 12-months ending July 2016 and the number of new jobs per new dwelling permit issued in the 12 months ending June 2016. A range from 1.25 to 1.50 net new jobs per new dwelling unit is considered normal. Greater than this is likely a very tight housing market with demand outstripping supply. Less than one new job per new dwelling unit indicates a market portending towards excess supply – although pent-up demand does bridge some periods of higher building permit activity.
Each and every market designated as the 10 hottest by Realtor.com has more than 1.5 net-new jobs per new dwelling in the 12-months ending June 2016. All but one market, Columbus, Ohio, has a job growth rate greater than the 1.72 percent national average.
To read the entire Realtor.com article and ranking of the top-20 hottest markets click http://www.realtor.com/news/trends/americas-20-hottest-markets-real-estate-august-2016/?identityID=577d5c8652b7729cf2011c9d&MID=2016_0826_WeeklyNL&RID=4056478642&cid=eml-2016-0826-WeeklyNL-blog_1_augusthottestmarkets-blogs_trends
These cities are hot, and that’s not even considering the outside temperature.