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Nine of the top 20 hottest real estate markets in the U.S. for the month of May are in California. The Stockton-Lodi region ranked No. 10, down five spots from the previous month.
Realtor.com, a real estate resource website, released a report ranking the top selling markets in the nation. Though sales seem to be slowing in many markets, the top 20 are still going strong.
Inventory in the two adjoining markets of Stockton and Lodi hovers around 1,400 properties.
According to the report, May home prices were 10 percent higher than the year previous.
The Bay Area, though still at the top of the list, is showing signs of slowing in sales.
“This is officially the most competitive, fastest-moving spring housing market in decades. Some places like the Bay Area have become too hot to handle – and now a lack of inventory and affordability are allowing other markets to catch up,” said Javier Vivas, Manager of Economic Research at Realtor.com. “For the first time, one in three homes nationwide are selling in under 30 days.”
The Stockton-Lodi region has about 36 days-worth of inventory, which is about average for the rest of the country. The median sales price is in the $300,000-$400,000 range.
Other California regions that ranked in the top 20 were:
Vallejo-Fairfield, ranked No. 1
San Francisco-Oakland-Hayward, No. 2
Sacramento-Roseville-Arden Arcade, No. 4
San Jose-Sunnyvale-Santa Clara, No. 9
Santa Cruz-Watsonville, No. 14
San Diego-Carlsbad, No. 16
Santa Rosa, No. 19
Chico, No. 20.