Stockton remains among hottest housing markets

February 7, 2017

 

home sale signSTOCKTON — Stockton still ranks among the hottest residential real estate markets in the country, according to Realtor.com.

The market ranks ninth nationwide among markets where homes are moving fastest.

In January, the average age of inventory was 62 days, down from a year ago, when Stockton’s average was 55 days, an indication that the market is cooling somewhat, compared to the year before.

Nationally, the median age of inventory was 96 days.

The hottest market in the country was San Francisco-Oakland where average inventory was 47 days. In fact, eight of the top 10 cities on the list were in California.

Inventory across the nation is tightening as new construction has been slow to come back. Realtor.com said there has been a surge of interest from first-time homebuyers. In addition, buyers seem to be anticipating the rise in interest rates.

“The threat of rates approaching multi-year highs in the months ahead is creating a sense of urgency,” said Realtor.com Chief Economist Jonathan Smoke. “The downside to this strong off-season is that we have started 2017 with a new low volume of available homes for sale and a new high for prices.”

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