The housing market is chugging ahead, with even higher home prices and more buyer activity—and in May, we’re seeing more than the ordinary seasonal uptick.

“On the demand side, we are seeing traffic and searches on® continue to set new highs,” said our chief economist, Jonathan Smoke, who did a preliminary analysis of our site’s data in May. Visits and searches are expected to be up more than 50% and 35%, respectively, year over year.

Helping create more opportunities for buyers, the listings inventory is now growing faster, at 4% over April—but it’s still down compared with last year, so buyers will need to keep on their toes. In part because of the limited inventory, the median list price increased nationally to $228,000, up 7% over the previous year and 1% over April. At the same time, homes are moving more quickly: Median days on market, now at 66, continued a sharp decline, down 11% year over year and 10% month over month.

The 20 Hottest Real Estate Markets in May 2015


Market                                     May Rank April Rank

Denver-Aurora-Lakewood, CO         1                 1

San Francisco-Oakland-Hayward, CA   2                 2

San Jose-Sunnyvale-Santa Clara, CA  3                 3

Dallas-Fort Worth-Arlington, TX         4                  4

Vallejo-Fairfield, CA                          5                  5

Boston-Cambridge-Newton, MA-NH     6                6

Santa Cruz-Watsonville, CA                7                  8

Santa Rosa, CA                                 8                  7

Ann Arbor, MI                                  9                  9

Detroit-Warren-Dearborn, MI           10                 11


Denver resoundingly maintained the top ranking as inventory there shaved six days off the median age while listing views grew 7% over April. Like Dallas, Denver is experiencing substantial economic growth, and the tight supply of housing is resulting in the fastest-moving inventory in the country.