Realtor.com on Thursday ranked San Diego as the fifth “hottest” real estate market in the United States in December and warned of record low inventory.
The website, which is the official site of the National Association of Realtors, said properties in San Diego sold in a median time of 53 days, compared to 88 days nationally.
Only San Francisco, with homes on the market just 49 days, Dallas, Fairfield-Vallejo and San Jose were rated as hotter markets.
“Since the election, demand seems to have intensified, possibly in reaction to a jump in mortgage rates,” said Jonathan Smoke, chief economist for Realtor.com. “Now buyers seem to feel a sense of urgency as they face the threat of rates that may approach multi-year highs in the months ahead.”
He noted that 2017 will begin with an unusually low inventory of homes of sale, substantially below last year, even as prices remain at record highs.
