"More homes means fewer viewers per home, and more time on market, which results in a very cool hotness reading," explains Hannah Jones, Realtor.com senior economic research analyst.
"As mortgage rates remain relatively high, many West-region buyers cannot contend with the area's prices, which results in more inventory, a slower market pace, and a cooler hotness score," Jones says.
"The Midwest and Northeast have reigned supreme as homes to most of the country's hottest markets since mid-2022 when mortgage rates picked up steam," says Jones.
"This Boston-adjacent metro has been red-hot since March 2021, ranking among the top three markets each month for more than three years," Jones says in her analysis.
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