Dive Brief:
-
As the weather cools off and the typical slow season for home sales takes hold, a dozen markets around the country are still seeing brisk activity.
-
Realtor.com’s September National Housing Trend Report shows that those cities—spread from Los Angeles to Washington, DC—have something in common: They’re all home to large populations of engineers and Baby Boomers.
-
The hot-selling cities are: Oakland, CA; San Jose, CA; San Francisco; Denver; Washington; Seattle; Houston; Los Angeles; Austin, TX; Omaha, NE; San Diego; and Melbourne, FL.
Dive Insight:
Cities with quick housing sales—that is, homes typically are for sale less than two months—usually have low unemployment and strong economic growth. This year’s report, however, notes that high proportions of math and science professionals and 50- to 68-year-olds in a city seem to foretell quick sales. Jonathan Smoke, Realtor.com’s chief economist, predicts more of the same for the near future: “As the technology industry grows and aging Baby Boomers decide to make housing moves to support their retirement, we'll continue to see strong housing demand associated with these factors," he said.