While most of the United States is
currently under a deep freeze, real estate markets in many cities across
the country are heating up, according to the recent Hotness Index
compiled by realtor.com®.
Not surprisingly, warm locations continue to be hot spots for winter
buyers. Miami, Las Vegas, Phoenix, Raleigh, and San Diego rank highest
on the Hotness Index, and see busy Spring level home-buying activity
earlier than other cities across the country.
To compile the Hotness Index rankings, economists from realtor.com®
looked at 2014 monthly search volume on realtor.com®, adjusted for
population, and combined climate data from the National Oceanic and
Atmospheric Administration.
"The correlation between warmer metropolitan areas and more January
searches makes sense, as it’s easier to get out and go house hunting in
these cities," said Jonathan Smoke, Chief Economist for realtor.com®. "In these markets, looking for a home in November or January makes as much sense as August."
Winter home-buying activity isn't just booming in cities with balmy
climates. Chicago is a surprisingly hot real estate market in the winter
months, according to the Hottest Index. Despite Chicago's frigid
temperatures, their prime buying season actually begins in January and home showings during snowstorms are the norm.
Some suggest that what's driving this push towards an earlier Spring
buying season is the lack of inventory in many metropolitan areas.
"Prices are appreciating and homes are selling more quickly," Smoke
said. "These are the criteria that we use to define a healthy market.
When inventory is growing as well, the hot market can keep its momentum,
which benefits both sellers and buyers."
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