Summer is formally here, and simply like the warmth waves clearing through a great part of the nation, the land business sector hints at no chilling at any point in the near future, as indicated by a preparatory examination of June information for Realtor.
According to their chief economist, Realtor's read from real estate trends in June shows good news ahead for the US real estate market. Based from the first three weeks of June, prices has increased to $233,000 a 2% jump from May and 7% leap from last year.
The numbers also helped the country's top real estate agency to determine the hottest market for the month of June. California was again the standout amongst them. It dominated the list with almost half of the country's 20 hottest real estate markets. Realtor explained it because of the state's tight supply and strong economy. San Francisco took the top spot from Denver while Vallejo and Santa Rosa made it on the top five.
Four cities in Texas also made it with Dallas, Midland, Austin, and San Antonio. Colorado, on the other hand, has three; Denver is third on the list. Michigan also made it with two of its cities, which improved in the rankings, Ann Arbor and Michigan.
Texas and Colorado remained fighters in the market despite of the state's diversified economy and decrease on the oil market. On the other hand, the motor state, Michigan, remains a performer because of the combined economic recovery and strong affordability of properties.
Fortune also echoed what Realtor has reported on the hottest real estate market in America. The market began to fall in 2006 and ultimately hit the rock bottom in 2012. By 2014, the market starts to recover and home prices have again started to be reachable. However, the business firm has warned the market that it is still far from recovering fully. There are properties that were still overvalued in the metro area. But, Fortune said that the improvement, however you are going to look at it, is still an improvement.
