The U.S. housing market is getting hotter, according to data from Movoto by OJO, a real estate search site.
Fully 40 percent of homes sold in February fetched more than their list price, up from 36 percent in January. That reverses a cooling trend in recent months.
The housing market remains a tough one for buyers. Inventories fell to record lows in January, according to the National Association of Realtors, and competition for homes is fierce.
The 5 hottest housing markets
California dominated the list of the most competitive housing markets:
- San Francisco-Oakland-San Jose. In the nation’s most competitive metro area, 71 percent of homes sold above list price. Homes in the Bay Area sold for an average of $137,588 above list price.
- San Diego. Fully 63 percent of homes sold above list price, going for an average of $32,648 above list price.
- Los Angeles. Some 59 percent of LA homes went above list price, and the overall average price of homes was $17,349 above the asking price.
- Sacramento-Stockton-Modesto. This market also saw 59 percent of homes fetching more than the asking price. Sales averaged $8,425 over listing price.
- Denver. This metro area saw 58 percent of properties selling above asking price. The average premium was $17,834.
The 5 coolest housing markets
At the opposite end of the competitiveness scale, two Wisconsin markets were cold.
- Green Bay-Appleton, Wisconsin. In the nation’s least competitive metro area, 0.1 percent of homes sold above list price in February.
- Norfolk-Portsmouth-Newport News, Virginia. Just 6 percent of homes sold above list price in February.
- Madison, Wisconsin. OJO says 15 percent of homes went for more than the asking price.
- Mobile, Alabama-Pensacola-Fort Walton Beach, Florida. Some 24 percent of properties sold for more than asking.
- Fort Myers-Naples, Florida. In this metro area, 25 percent of homes sold above their list prices.
Movoto by OJO is a unit of OJO Labs, a business partner of Bankrate.