| Boston ranked as the third hottest market in the country in May, according to National Association of Realtors (NAR).
The hottest markets overall last month continued to be centered in California, where eight markets made the top 20.
Scarce supplies and high buyer demand are driving faster sales and higher prices across the country, according to NAR’s statement. The nationwide median home list price rose above $250,000 for the first time, according to Realtor.com. The median list price is 10 percent higher than a year ago.
“With a record number of homebuyers out there, this is officially the most competitive, fastest-moving spring housing market in decades,” Javier Vivas, manager of economic research at Realtor.com, said in a statement. “Following a furious start to the season, the median days on the market for homes on Realtor.com in May is the lowest since the end of the recession, and marks the first time that one in three homes is selling in under 30 days nationally.”
