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What really makes a hot housing market?

07/04/2016

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The phrase “hot housing market” gets thrown around frequently, but a jump in sale price alone doesn’t necessarily indicate a lively market, according to Pro Teck Services’ May Home Value Forecast report. Determining a truly hot housing market takes deeper evaluation, such as sold price percent change, list-to-sale price ratio and percentage of foreclosure sales, among others. “Every day there’s a new news story with a list of top performing cities — but do these cities really reflect what is going on in the real estate market?,” Tom O’Grady, CEO of Pro Teck Valuation Services, said in a statement. “Much like how a doctor must look at multiple vital signs to make a diagnosis, we analyze multiple data points, track trends and use consistent methodology in our ranking…

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