Viva Las Vegas! And Reno, too
The National Housing Report came out this week from Realtor.com, and I was particularly interested in the top 10 U.S. market areas experiencing the greatest year-over-year growth in listings (not sales – that's another column).
Leading the list was the Stockton, Calif., area with a whopping 42 percent increase in listing prices since last year – talk about sticker shock! I would hate to have to explain to my buyers how much they “could have paid last year.”
The three other markets really posting big numbers were Reno (up 25 percent), Vegas (up 24 percent) and Denver (up 21 percent). So, gambling and pot smoking wins the day? Denver in particular experienced a 13 percent decline in listing inventory as its prices rose.
The rest of the top 10 markets had list price increases in the high teens. They were Sacramento, Calif.; Riverside/San Bernardino, Calif.; Chicago; Houston; Austin, Texas; and Port St. Lucie, Fla. Nope, no Pa. markets made the list. But then, we never make the headlines nationally – we’re just chugging along below the radar, which can be a good thing.
You can read the full report here. Nationally, the median list price rose 6.5 percent, while inventories also rose by 14 percent.
Everybody seems to think we’re in a balanced real estate market. Here’s hoping.