The Texas oil town of Midland edged out Boston and San Francisco as the hottest real estate market in the country in April, while Houston stayed on the cooler side, a new report showed.
Midland landed the top spot among 300 metro areas tracked by realtor.com’s Market Hotness Index, which measures time-on-the-market data and listings views per property.
Homes in Midland currently list for a median of $299,000 on realtor.com. That compares with $749,000 for Boston and $1.29 million for San Francisco. It is $14,000 higher than Houston’s median list price.
The shale drilling boom is no doubt behind the demand for housing, with many regions of the Permian experiencing the lowest unemployment levels in years.
Homes in Midland stayed on the market for 30 days, with inventory moving 34 percent faster than a year ago, realtor.com said. Home listings fetched an average of 824 views per month on realtor.com, a rate that’s 2.7 higher than the U.S. average.
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Homes in the Houston metro area, by comparison, stayed on the market a median of 45 days and moved 10 percent faster than last year, realtor.com said. Homes in the Houston market sold 14 days faster than the U.S. overall.
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With a ranking of 191, Houston was in the company of Ocala, Fla., New York, and Birmingham, Ala. on the hotness scale. The Houston market is hotter than it was in March, but slightly cooler than a year ago, realtor.com said.
Other Texas cities in the top 20 were Odessa, No. 15, and Dallas, No. 19.
The hotness index was part of the National Association of Realtors’ monthly existing home sales report, which showed a 2.5 percent drop in existing U.S. home sales to a seasonally adjusted annual rate of 5.46 million in April. NAR attributed the drop to low inventory levels.