Spring’s Housing Market Is About To Reach a Peak With ‘Outsized Impact’ Buyers Really Need Right Now

As strange as the housing market has gotten lately, certain seasonal rhythms still prevail. And despite being somewhat dampened by stubbornly high home prices, roller-coaster mortgage rates, and an unpredictable economy, the spring homebuying season is about to reach an apex that’s well worth taking advantage of.

“We’re moving into the period of the year when the number of newly listed homes tends to peak—usually in May or June,” notes Danielle Hale, chief economist for Realtor.com®, in her weekly analysis.

Granted, this seasonal pinnacle might not seem all that noticeable, since the number of new sellers listings their homes is still lower than it was at this time last year. For the week ending May 6, 16% fewer new homeowners listed their homes for sale. Still, this annual decline has been steadily shrinking week by week.

Even though there is still a gap, it’s smaller than what was typical in most of March and April,” explains Hale.

And although new listings are down from last year, total inventory (of both new and old listings) is up 31% for the week ending May 6. In other words, there are plenty of homes for sale, although buyers might need to give stale listings a second look. This portends a potential boost to the overall housing market and offers hope to both buyers and sellers.

In short, the housing inventory is “evolving,” according to Hale. “While further moderation is needed, this is a welcome improvement that comes as new listings near their seasonal high point. Improvement now could have an outsized impact.”

We’ll break down what this all means for both homebuyers and sellers in our latest installment of “How’s the Housing Market This Week?”

The latest mortgage rates and home prices

What’s not so rosy? High mortgage rates are generally holding steady. The interest rate on a 30-year fixed-rate mortgage averaged 6.35% in the week ending May 11, according to Freddie Mac. That’s a bit lower than last week’s 6.39%, but still high enough to make many buyers uncomfortable.

Further compounding buyers’ problems is that housing prices are still inching upward.

The national median list price came in at $430,000 in April, up from $424,000 in March. But for the week ending May 6, home prices grew at a rate of just 2.4% compared with last year. That’s its slowest growth rate since May 2020, when the COVID-19 pandemic was raging across the country.

While tapering home prices is a glimmer of positivity for homebuyers, it’s not enough to really temper their bottom lines quite yet.

“For potential first-time homebuyers, this means that affordability will continue to be a top concern,” explains Hale. “For potential sellers, this means equity is still relatively high.”

What the spring market’s peak means for home sellers

While sellers are understandably thrilled by higher home values, they might have to drop prices soon, since many homes have been sluggishly stuck on the market with no takers.

Home sales have slowed for the past 40 weeks, with homes spending an average of 16 days longer on the market for the week ending May 6 compared with the same week one year ago.

And home sellers might struggle as more properties hit the market in the coming weeks.

“As market competitiveness wanes, sellers may become more flexible,” says Hale. However, the “degree of slowing observed depends on your local market. For example, homes are spending a little over a week longer on the market compared to a year ago in the Midwest and Northeast, where we know housing markets have fared better as affordability keeps demand high.”

Yet in the South and West, homes spent two more weeks on the market for the week ending May 6 compared with a year ago.

The key takeaway here is that while it’s important to understand national context, what really matters are the trends in your local market,” says Hale.

Spring’s Housing Market Is About To Reach a Peak With ‘Outsized Impact’ Buyers Really Need Right Now

Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week. Here’s what the housing market looked like last week.

Weekly Housing Trends Key Findings

• Total inventory was down 19%. If new listing inflow remains constricted and delistings remain common, we could see overall inventory decline even more rapidly next week
• Time on market was 13 days slower than last year, the biggest increase in time on market since 2013
• New listings down 29%. Declines persist nationwide but momentum shifts in a positive direction 
• Median listing prices are still growing at a slower pace than pre-COVID, but they may regain momentum in the weeks to come

Data Summary

	Week ending May 9	Week ending May 2	Week ending April 25	First Two Weeks March
Total Listings	-19% YOY	-19% YOY	-17% YOY	-16% YOY
Time on Market	13 days slower YOY	11 days slower YOY	9 days slower YOY	-4 days faster YOY
Median Listing Prices	1.4% YOY	1.6% YOY	1.6% YOY	+4% YOY
New Listings	-29% YOY	-39% YOY	-43% YOY	+5% YOY

Weekly Housing Trends View

• New listings: Headed in the right direction? After a few weeks near -40 percent, the decline in newly listed for-sale homes took another step in the right direction nationwide with the size of declines down just less than 30 percent. We still see fewer sellers putting homes up for sale than last spring nationwide and in all large markets, which is unsurprising in this challenging market, but the momentum has shifted in a positive direction.
  In the first two weeks in March (our pre-COVID-19 base), new listings were increasing 5 percent year-over-year on average. In the most recent three weeks ending April 25, May 2, and May 9, the volume of newly listed properties decreased by 43 percent, 39 percent, and 29 percent year-over-year, respectively. The continued declines in newly listed properties mean that we’ve yet to see supply turn back to normal. However, some improvement could be on the horizon as nearly three-quarters (75 of 97) of large metros are seeing smaller declines, including the three largest markets in the country New York, Los Angeles, and Chicago.
• Asking prices: Sellers look for minimal home price growth, and the mix of homes for-sale appears to be reverting back toward pricier properties. 
  In the first two weeks of March (our pre-COVID-19 base), median listing prices were increasing 4.4% year-over-year on average. In the most recent three weeks ending April 25, May 2, and May 9, the median U.S. listing price posted an increase of 1.6, 1.6 and 1.4 percent year-over-year, respectively. While current price gains remain below pre COVID-19 levels, we expect them to regain momentum in the weeks to come as sellers regain confidence and buyers slowly resume activity. Locally, 70 of 99 metros saw asking prices increase over last year.
• Total Active Listings: Countervailing forces continue to pull total listings in opposite directions, but so far the momentum limiting homes for sale is winning out. Total active listings are declining from a year ago at a faster rate than observed in previous weeks.
  Weekly data show total active listings declined 19 percent compared to a year ago as the lack of sellers is currently outweighing the extra time homes spend on the market. Total active listings are pulled in two directions: 1) downward by the sharp drop in new listings, increase in delistings; and 2) upward by properties spending more time on the market as buyers who once avidly pounced on for-sale homes now hesitate to make major purchases in an uncertain economy. On balance, if new listing inflow remains constricted and delistings remain common, we could see overall inventory decline even more rapidly next week, especially if home buyers wade back into the market.
• Time on market: Time on market continues to show the impact of fewer new home listings coming to market and properties sitting for-sale longer, as fewer buyers submit offers. Time on market rose by double-digit percent growth nationwide and in three-quarters of large metros. In the first two weeks in March (our pre-COVID-19 base), days on market were 4 days faster than last year on average. The trend in time on market began to slow in mid-March, but the indicator didn’t register an increase until April. Data for the week ending May 9 showed that time on market was 13 days or 19percent greater than last year, the biggest increase in time on market since 2013. This is further confirmation of for-sale homes sitting on the market longer, waiting for buyers. It’s visible in local data as well as the national figures, with 84 of the largest 99 metros showing similar double-digit percent increases in time on market from one year ago. 

Weekly Housing Trends View — Data Week May 9, 2020

Our research team releases regular monthly housing trends reports which break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week. Here’s what the housing market looked like last week.

Weekly Housing Trends View

• Time on market: Slower to react, time on market now clearly shows the impact of fewer new home listings coming to market and properties sitting for-sale longer, as fewer buyers submit offers nationwide and in half of large metros. In the first two weeks in March (our pre-COVID-19 base), days on market were 4 days faster than last year on average. Last week, median days on market were one day greater than the year ago level, and we expected time on market to rise. This week’s data showed that time on market was 6 days or 10 percent greater than last year, the biggest increase in time on market since 2013. This is the first clear sign of for-sale homes sitting on the market longer, waiting for buyers.  It’s visible in local data as well as the national figures, with 54 of the largest 99 metros showing similar double-digit percent increases in time on market from one year ago. Importantly, analysis of metro data from last week shows a strong link between the prevalence of COVID-19 in a market and increasing time on market.  In the 10 worst-hit metros, time on market was up 15 percent, compared to just a 2 percent increase among the 10 least-affected metro areas, analysis detailed here. 
• New listings: Past the peak? Declines in newly listed for-sale homes persist nationwide and in nearly all (97 of 99) large metros, but the size of declines shrank compared to last week. Persistent declines still show that many sellers are reevaluating or postponing sales rather than wading into the current uncertain housing market.
  
  In the first two weeks in March (our pre-COVID-19 base), new listings were increasing 5 percent year-over-year on average. In the most recent three weeks ending April 4, and April 11, and April 18, the volume of newly listed properties decreased by 31 percent, 47 percent and 42 percent year-over-year, respectively. While this improvement is small and only visible in one week of data, far below the threshold we’d need to declare that we’re past the worst in housing, we see a similar trend in nearly three-quarters of the top 100 metros (73 of 99) including several hard-hit areas like Seattle, Boston, and New Orleans. The largest drops in new listings persist in Detroit, New York, and Philadelphia.
  
  Additionally, analysis of metro data from last week shows a strong link between the prevalence of COVID-19 in a market and fewer new listings. In other words, areas particularly hard-hit by COVID-19 were showing the strongest seller reactions, as detailed here. 
• Asking prices: Sellers hold asking prices steady and the mix of homes for-sale shifts toward more lower-priced homes.
  
  In the first two weeks of March (our pre-COVID-19 base), median listing prices were increasing 4.4% year-over-year on average. In the most recent three weeks ending April 4, and April 11, and April 18, the median U.S. listing price posted an increase of just 1.6, 0.8 and 0.3% year-over-year, respectively, the latter marking the slowest pace of growth since 2013. Viewed another way, asking prices typically increase in the spring. Last year, the median list price rose more than 4 percent from early March to early April whereas this year the median list price has remained flat in that same window.
  
  Sellers that are choosing to sell now seem to recognize the market challenges and may be pricing homes less aggressively upon listing than they were pre-COVID which is why we are seeing steady asking prices. Majorities of buyers and sellers do not anticipate large-scale price declines. A survey from the National Association of Realtors conducted April 19-20 shows that 53 percent of buyer agent clients expect home prices to increase or decline only mildly (by less than 5 percent). Similarly, 89 percent of agents with seller clients had either not reduced their asking price or had done so by less than 5 percent. These results support trends we’re seeing in the listing data. So far we’re seeing a smaller share of asking price reductions compared to this time last year in the U.S. and three-quarters (74 of 99) of top metro areas.
  
  Additionally, high-cost areas such as the northeast have seen some strong seller reactions–de-listings and fewer new listings–which has shifted the distribution of homes for sale nationwide toward a lower price point. 
• Total Active Listings: Countervailing forces continue to pull total listings in opposite directions. Data shows stable declines in total active listings and expect this trend to continue.
  
  Total active listings are pulled in two directions: 1) downward by the sharp drop in new listings, increase in delistings and decrease in the previous momentum of buyer appetite outpacing housing supply; and 2) upward by properties spending more time on the market as buyers who once avidly pounced on for-sale homes now hesitate to make major purchases in an uncertain economy. On balance, we think total active listings will continue to decline, but at a very gradually slowing pace. Weekly data show total active listings declined 15% compared to a year ago, with the pace of declines remaining nearly constant since mid March.

Buyers and sellers holding back in response to COVID

In addition to it’s weekly listings data, realtor.com conducted a quick survey of its users from April 15-17 and here are a few key findings.

• 38% of buyers are looking to postpone their home purchase citing the economy and worries about the ability to tour homes.
• Buyers claim to be spending more time on real estate sites/apps. Floor plans and detailed property information top their list of asks from these providers
• 77% of the sellers surveyed are also looking to buy a home. More than half of those had neither listed their home yet nor found a home to buy

*Some data points for Los Angeles and Las Vegas have been excluded due to data unavailability.

Weekly Housing Trends View–Data Week April 18, 2020

• National inventory declined by 15.7 percent year-over-year, and inventory in large markets decreased by 17.1 percent.
• The March national median listing price was $320,000, up 3.8 percent year-over-year.
• Nationally, homes sold in 60 days in March, four days more quickly than last year

Realtor.com®’s March housing data release reveals that the U.S. housing market began to show signs of slowing in the second half of March. The year-over-year decline in inventory softened, the number of newly listed properties declined, and prices decelerated compared to earlier in the month. This is the first data-based glimpse into the impact the COVID-19 pandemic could have on residential real estate as the market enters the spring home-buying season.

The total number of homes available for sale continued to decline in March. Nationally, inventory decreased 15.7 percent year-over-year, a faster rate of decline compared to the 15.3 percent year-over-year drop in February. This amounted to a loss of 191,000 listings compared to March of last year. However, the progression of the weekly data showed the year-over-year decline in home inventory hitting a low and softening, which could be an early indicator of slowing buyer activity in response to COVID-19. The week ending March 28th showed a year-over-year decline of 15.2 percent compared to a larger decline of 16.8 percent in the week ending February 29th, the largest decline in our records since April 2015.

The volume of newly listed properties in March decreased by 6.4 percent since last year. The progression of the weekly data also showed hints of changes to inventory volumes that could be linked to COVID-19. In the week ending on March 28th, the volume of newly listed properties decreased by 34.0 percent year-over-year, the biggest decline this year. The declines in newly listed homes could be indicative of initial seller response to COVID-19 restrictions, with more potential sellers reevaluating or postponing the sale. If continued, this could mark the start of further declines in new inventory in April.

Housing inventory in the 50 largest U.S. metros declined by 17.1 percent year-over-year in March. The metros which saw the biggest declines in inventory were Phoenix-Mesa-Scottsdale, AZ (-42.2 percent); Milwaukee-Waukesha-West Allis, WI (-36.2 percent); and San Diego-Carlsbad, CA (-33.4%). Only Minneapolis-St. Paul-Bloomington, MN-WI (+3.6 percent) saw inventory increase over the year.

The typical property was still selling more quickly than last year. Nationally, homes sold in 60 days in March, four days more quickly than March of last year. In the 50 largest U.S. metros, the typical home sold more quickly than the national rate, typically spending 47 days on the market. Properties in Miami-Fort Lauderdale-West Palm Beach, FL; Pittsburgh, PA; and St. Louis, MO-IL; spent the most time on the market, selling in 86, 78 and 65 days, respectively. Meanwhile, properties in San Jose-Sunnyvale-Santa Clara, CA; Denver-Aurora-Lakewood, CO; and Washington-Arlington-Alexandria, DC-VA-MD-WV were scooped up most quickly, spending 24, 26 and 29 days on the market, respectively. 

The median U.S. listing price grew by 3.8 percent, to $320,000 in March, which is a slight deceleration compared to last month, when the median listing price grew by 3.9 percent over the year. The progression of the weekly data showed further hints of deceleration that could be linked to COVID-19. In the week ending on March 28th, the median U.S. listing price only grew by 2.5 percent year-over-year, the slowest pace of growth this year and the slowest since realtor.com began tracking in 2013. The slower gains could be indicative of early market response to economic uncertainty and restrictions to industry activity, along with lower buyer and seller sentiment. If continued, this could mark the start of further deceleration in asking price growth in April.

Listing prices in the largest metros grew by an average of 5.7 percent from last year, a deceleration from the 6.5 percent year-over-year gain seen last month. Of the largest 50 metros, 45 still saw year-over-year gains in median listing prices.  Pittsburgh, PA (+17.9 percent); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (+14.0 percent); and Memphis, TN-MS-AR (+12.7 percent) posted the highest year-over-year median list price growth in March. The steepest price declines were seen in Dallas-Fort Worth-Arlington, TX (-2.7 percent); Minneapolis-St. Paul-Bloomington, MN-WI (-1.4 percent); and Houston-The Woodlands-Sugarland, TX (-1.4 percent). 

In March, 15.4 percent of active listings saw their listing prices reduced. This share shrank slightly, by 1.6 percent, over the past year. Among the nation’s largest markets, only 6 saw an increase in their share of price reductions compared to last year. Portland-Vancouver-Hillsboro, OR-WA saw the greatest increase in it’s share of price reductions in March, up 6.4 percent. It was followed by Sacramento–Roseville–Arden-Arcade, CA (+4.4 percent) and Milwaukee-Waukesha-West Allis, WI (+4.0 percent).

Metros With Largest Inventory Declines 

Metro	Active Listing Count YoY	Median Listing Price	Median Listing Price YoY	Median Days on Market	Price Reduced Share
Phoenix-Mesa-Scottsdale, Ariz.	-42.2%	$405,000	12.0%	43	24.6%
Milwaukee-Waukesha-West Allis, Wis.	-36.2%	$327,500	2.0%	44	14.4%
San Diego-Carlsbad, Calif.	-33.4%	$749,950	9.6%	36	14.0%
San Jose-Sunnyvale-Santa Clara, Calif.	-31.4%	$1,230,994	12.0%	24	8.1%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	-30.7%	$300,000	14.0%	49	16.7%
Cincinnati, Ohio-Ky.-Ind.	-30.4%	$299,950	12.6%	48	15.3%
Denver-Aurora-Lakewood, Colo.	-30.0%	$560,045	9.4%	26	15.9%
Riverside-San Bernardino-Ontario, Calif.	-27.6%	$424,550	4.9%	51	16.7%
Providence-Warwick, R.I.-Mass.	-27.2%	$399,950	8.9%	50	11.0%
Seattle-Tacoma-Bellevue, Wash.	-27.1%	$615,025	0.7%	30	8.1%
Charlotte-Concord-Gastonia, N.C.-S.C.	-26.7%	$350,000	3.0%	44	19.4%
Portland-Vancouver-Hillsboro, Ore.-Wash.	-26.3%	$480,000	0.3%	41	24.6%
Kansas City, Mo.-Kan.	-24.6%	$340,000	7.1%	63	16.4%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	-24.4%	$505,000	9.0%	29	13.6%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.	-24.2%	$378,988	4.2%	35	14.5%
Los Angeles-Long Beach-Anaheim, Calif.	-23.0%	$960,045	N/A	52	11.5%
Baltimore-Columbia-Towson, Md.	-22.7%	$328,495	4.3%	43	18.3%
Virginia Beach-Norfolk-Newport News, Va.-N.C.	-22.5%	$315,050	7.7%	46	12.0%
Cleveland-Elyria, Ohio	-22.2%	$202,450	3.4%	60	16.9%
Rochester, N.Y.	-22.1%	$235,645	9.0%	37	10.4%
Memphis, Tenn.-Miss.-Ark.	-21.7%	$243,500	12.7%	60	15.8%
Austin-Round Rock, Texas	-20.7%	$372,000	3.3%	44	16.5%
Tampa-St. Petersburg-Clearwater, Fla.	-20.4%	$282,050	3.1%	52	26.2%
Sacramento–Roseville–Arden-Arcade, Calif.	-19.8%	$507,159	6.9%	35	15.4%
Las Vegas-Henderson-Paradise, Nev.	-19.7%	$335,050	7.0%	39	17.4%
Buffalo-Cheektowaga-Niagara Falls, N.Y.	-19.2%	$202,550	2.6%	58	12.0%
San Francisco-Oakland-Hayward, Calif.	-19.0%	$960,000	6.0%	30	9.2%
Indianapolis-Carmel-Anderson, Ind.	-19.0%	$280,000	2.4%	54	21.1%
Birmingham-Hoover, Ala.	-18.5%	$259,950	7.3%	57	14.8%
Boston-Cambridge-Newton, Mass.-N.H.	-18.2%	$630,050	9.6%	32	11.5%
Oklahoma City, Okla.	-17.7%	$264,400	7.9%	43	17.6%
Louisville/Jefferson County, Ky.-Ind.	-17.4%	$272,495	0.0%	51	17.6%
Orlando-Kissimmee-Sanford, Fla.	-17.4%	$322,805	5.4%	56	20.2%
Columbus, Ohio	-17.1%	$307,244	9.3%	40	17.4%
Pittsburgh, Pa.	-17.0%	$215,000	17.9%	78	16.4%
St. Louis, Mo.-Ill.	-16.9%	$230,000	3.4%	65	15.7%
Hartford-West Hartford-East Hartford, Conn.	-16.0%	$284,500	5.4%	51	12.2%
Atlanta-Sandy Springs-Roswell, Ga.	-15.4%	$328,840	1.6%	49	16.8%
Raleigh, N.C.	-14.2%	$375,045	3.8%	50	18.8%
Richmond, Va.	-13.7%	$333,300	2.5%	47	15.1%
Jacksonville, Fla.	-13.4%	$320,045	1.7%	58	20.7%
Miami-Fort Lauderdale-West Palm Beach, Fla.	-11.9%	$407,802	2.6%	86	15.2%
Detroit-Warren-Dearborn, Mich	-11.3%	$239,950	1.2%	48	16.8%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	-10.7%	$569,050	4.8%	57	10.7%
New Orleans-Metairie, La.	-9.8%	$289,050	0.9%	61	16.6%
Dallas-Fort Worth-Arlington, Texas	-9.6%	$342,545	-2.7%	45	21.8%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	-8.1%	$328,500	0.7%	43	17.2%
Houston-The Woodlands-Sugar Land, Texas	-4.8%	$313,045	-1.4%	51	20.7%
San Antonio-New Braunfels, Texas	-2.3%	$297,495	-0.5%	59	19.0%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	3.6%	$373,520	-1.4%	35	11.9%

*Some data points for Los Angeles have been excluded due to data unavailability. 

March 2020 Monthly Housing Market Trends Report: A First Glimpse of COVID-19 Impact on the U.S. Housing Market

March 2020 Hottest Housing Markets

APRIL 9, 2020

Colorado Springs maintains hottest housing market status as national market shifts in response to COVID-19 pressure.

• Colorado Springs reclaims the number 1 rank of hottest housing market for the second consecutive month.
• California metros continue to dominate with ten markets appearing in the top 20 this month.
• The Columbus, OH metro area has seen the largest increase in its hotness ranking among larger metros over the past year.

With the spring home buying season ready to jump into full swing, the entire housing market seemed to pivot in response to COVID-19 in March. While in-person behaviors may have affected buyers’ willingness to visit homes in person, the hottest housing markets were still garnering listing views and closing sales throughout March. Going forward, however, it’s worthwhile to keep an eye on which markets are retaining the attention of homeowner hopefuls as the uncertainty subsidies and the housing market regains its pace.

In March, Colorado Springs, CO retained the title of hottest housing market in the country for the second consecutive month. Originally garnering attention as a spillover market from Denver, this metro has frequently appeared on our list of hottest housing markets, and this represents the third time on record that it has reached number one. Half of all homes in Colorado Springs were selling in under 28 days — nine days faster than last year, and 32 days faster than the rest of the country. Properties in the metro garnered 2.4 times as many views than the average property around the United States. Colorado Springs was the only metro from Colorado on the list of hottest markets.

As a group, Realtor.com’s 20 Hottest Housing Markets received 1.8 to 3.0 times the number of views per home for sale compared to the national rate. These markets are seeing homes for sale move 28 to 47 days more quickly than the typical property in the United States overall. 

Ten states were represented in the top 20 list, including California, Colorado, Connecticut, Indiana, Kansas, Massachusetts, New Hampshire, New York, Ohio, Washington, and Wisconsin. California dominated the hotness list, with seven markets represented, followed by New Hampshire, with three markets represented.

March’s Top 20 Hottest Housing Markets

Metro	Rank (March 2020)	Rank (March 2019)	Views Per Property YoY	Days on Market	Days on Market YoY	Median Listing Price	Median Listing Price YoY
Colorado Springs, CO	1	3	18%	28	-13	465,273	13%
Modesto, CA	2	8	26%	33	-9	392,450	10%
Manchester-Nashua, NH	3	7	0%	38	-13	387,450	6%
Rochester, NY	4	6	3%	37	-10	235,645	9%
Lafayette-West Lafayette, IN	5	11	1%	37	-14	286,450	27%
Fort Wayne, IN	6	38	-13%	39	-25	246,500	14%
Columbus, OH	7	61	-3%	40	-28	307,244	9%
Topeka, KS	8	40	29%	38	-19	152,450	15%
Vallejo-Fairfield, CA	9	10	16%	33	-3	480,050	2%
Sacramento–Roseville–Arden-Arcade, CA	10	5	-2%	35	-9	507,159	7%
Boston-Cambridge-Newton, MA-NH	11	4	-11%	32	-11	630,050	10%
Fresno, CA	12	20	25%	40	-4	334,025	9%
Yuba City, CA	13	18	-12%	42	-14	369,950	13%
Spokane-Spokane Valley, WA	14	21	-3%	40	-16	377,050	10%
Stockton-Lodi, CA	15	9	10%	38	-3	437,800	8%
Dayton, OH	16	22	14%	43	-10	184,995	23%
Milwaukee-Waukesha-West Allis, WI	17	25	15%	44	-9	327,500	2%
Concord, NH	18	75	22%	47	-22	330,000	2%
Bakersfield, CA	19	27	15%	42	-6	275,000	9%
Worcester, MA-CT	20	55	-3%	42	-22	358,550	8%

Columbus leads most improved large markets

Larger urban markets continue to cool down in the rankings, with the largest 40 markets across the country dropping by 9 spots, on average, since last year. Western markets collectively improved 3 spots on average over the past year, compared to a decline of 8 spots for midwestern markets, a decline of 23 spots for southern markets, and a decline of 5 spots for northeastern markets Western markets collectively improved 3 spots on average over the past year, an improvement compared to last month’s drop of 1 spot on average. Midwestern markets saw an average decline of 8 spots, although an improvement compared to the drop of 12 spots last month.

March 2020 Hottest Housing Markets