San Diego was ranked one of the nation’s 10 hottest real estate markets in June, with a typical home on the market just 37 days.
Realtor.com, the website of the National Association of Realtors, reported San Diego ranked tenth nationally, and was one of five California markets on the list. The Vallejo-Fairfield area in northern California led the list.
Nationally there were 11 percent fewer homes on the market in June than during the same month last year, marking 24 consecutive months of year-over-year inventory declines, according to the report. A typical home was on the market 60 days.
“We have now gone 24 months in a row seeing the number of homes drop on a year-over-year basis, the longest streak in more than two decades. And more markets than ever are struggling with inventory problems; in 80 percent of markets there are fewer homes for sale currently than this time last year,” said Javier Vivas, manager of economic research at Realtor.com.
“With no clear indication that newly built homes will be able to provide short-term relief soon, there appears to be no end in sight for the inventory shortage,” he added. “The market will likely remain very challenging for would-be buyers throughout the summer.”