Dive Brief:

• Realtor.com has named its 20 hottest U.S. real estate markets for March 2016, and the median list price continues its upward trajectory through the continuing environment of low inventory.
• California is still the most represented state on the list with 13 markets, followed by three in Colorado and one-off appearances from Texas, North Carolina, Massachusetts and Indiana.
• The real estate site said homes on the market will likely increase 3% from February, still 2% less than March 2014. Purchasers are snatching up homes at an ever-faster pace, with a current median 77 days on the market, which is 20% faster than February’s figure and 13% faster than March 2015, according to the site.

Dive Insight:

Realtor.com Chief Economist Jonathan Smoke said listing growth is typical for this time of year but that high demand is resulting in homes being quickly snatched off the market. "So the monthly trend is the normal seasonal pattern, but the year-over-year decline is reflective of demand being stronger than supply for more than a year, which is resulting in fewer homes available and faster-moving inventory," Smoke said in a release.

Realtor.com said holdover buyers from last year’s buying season — those who either were outbid or couldn’t find a house they liked — now exacerbate the frenzied grab for homes. 

In assembling the top 20 list of medium-sized to large markets, Realtor.com used the number of listing views and median days on the market to gauge demand and supply. Realtor.com said homes in these top markets get two to five times more views than the national average and get snapped up one or two months faster.

The site added that the re-appearance of cold-weather states on the list signals that the snow has cleared in those regions and that the spring buying season has begun.

Realtor.com's full March 2016 hot list:

1. San Francisco, CA
2. Vallejo, CA
3. Denver, CO
4. Santa Cruz, CA
5. Dallas, TX
6. San Jose, CA
7. Santa Rosa, CA
8. Sacramento, CA
9. San Diego, CA
10. Stockton, CA
11. Colorado Springs, CO
12. Oxnard, CA
13. Eureka, CA
14. Modesto, CA
15. Raleigh, NC
16. Boston, MA
17. Los Angeles, CA
18. Boulder, CO
19. San Luis Obispo, CA
20. Lafayette, IN