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Most Competitive Housing Markets of 2015

The housing industry has been a constant contest among homebuyers, and although competition eased up slightly last year, buyers wanting to purchase homes in the most coveted areas have not had much of a break.

FindTheHome.com recently released a report titled “The 50 Most Competitive Housing Markets of 2015” that lists 50 of the most sought-after metro areas for homebuyers. California dominated the top five with four listings, while Florida hosts the most sought after metro area.

“For homeowners looking to sell when the market is hot or investors looking for the next solid residential real estate play, competition is not only welcome, but exciting,” said Natalie Morin, author of the report.

FindTheHome.com analyzed real estate data collected by CoreLogic, including one-year price growth forecasts, price growth over the past year, median sales prices, and average days on market to determine where the most competitive metros in the country are located.

The research company says that a competitive market must appeal to both buyer and sellers. These home should also have grown substantially in the past year, is expected to grow substantially in the year ahead, and is in a location where homes are being purchased as soon as they hit the market.

In May, the Federal Housing Finance Agency (FHFA) reported that home prices increased 1.3 percent in Q1 2015 in their House Price Index (HPI), while the S&P/Case-Shiller Home Price Indices also indicated in their monthly report that home prices continued rise for March 2015.

“The first quarter saw strong and widespread home price growth throughout most of the country,” said Andrew Leventis, FHFA principal economist. “Home prices are now, on average, roughly 20 percent above where they were three years ago. This run-up has been historically exceptional and is particularly notable in light of the limited household income growth and modest rate of overall inflation observed during that same time period.”

The S&P/Case-Shiller Home Price Indices found that both, the 10-City and 20-City Composites saw year-over-year increases in March. The 10-City Composite increased 4.7 percent year-over-year, while the 20-City Composite gained 5 percent year-over-year.

“Given the long stretch of strong reports, it is no surprise that people are asking if we’re in a new home price bubble,” said David M. Blitzer, managing director & chairman of the index committee for S&P Dow Jones Indices. “All of this suggests that some future moderation in home prices gains is likely. Moreover, consumer debt levels seem to be manageable. I would describe this as a rebound in home prices, not bubble and not a reason to be fearful.”

Top Five Most Competitive Housing Markets of 2015

1. Miami-Fort Lauderdale-Miami Beach Metro, FL

1-Year Price Growth Forecast: 23%
Median Home Sale Price: $198,800
Price Change Over Past Year: 8.39%
Average Days on Market: 70 days

2. San Jose Metro, CA

1-Year Price Growth Forecast: 14.64%
Median Home Sale Price: $770,000
Price Change Over Past Year: 12.99%
Average Days on Market: 8 days

3. Oxnard Metro, CA

1-Year Price Growth Forecast: 14.2%
Median Home Sale Price: $469,500
Price Change Over Past Year: 4.17%
Average Days on Market: 42 days

4. San Francisco-Oakland-Fremont Metro, CA

1-Year Price Growth Forecast: 14.17%
Median Home Sale Price: $825,000
Price Change Over Past Year: 9.7%
Average Days on Market: 25 days

5. Sacramento Metro, CA

1-Year Price Growth Forecast: 13.33%
Median Home Sale Price: $300,000
Price Change Over Past Year: 5.73%
Average Days on Market: 31 days

Click here to view FindTheHome.com's complete report.

About Author: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.
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