Hottest Housing Market Is One You May Not Expect
The spring season for the housing market has been slightly sub-par with home-price growth and residential sales slowing. However, a new report from Redfin revealed that Tacoma, Washington has been the nation's hottest housing market for spring 2019.
"In this metro, home-sale prices have risen 6% from the previous year, reaching $370,000 in mid-May. Additionally, sales have fallen 5.5% as inventory declines a whopping 12.5%," according to HousingWire.
The report also showed that in the four weeks leading up to May 19, nearly 48% of homes sold in Tacoma were purchased above the asking price.
"The Tacoma metro topped the charts in mid-May, when 50.2% of recently sold homes went under contract within two weeks – a higher share than any other metro – with the typical home finding a buyer in just eight days, the shortest median time on market nationwide," Redfin writes, according to the report.
"What’s more, Tacoma was left with just 1.3 months of supply – less than any other metro – as of the first week of May."
To learn more about Tacoma, Washington's hot housing market for spring 2019, click on the image above.