San Jose-Sunnyvale-Santa Clara, CA

There is no doubt that the San Jose-Sunnyvale-Santa Clara, CA metropolitan statistical area (aka MSA) is one of the hottest housing markets in the country. The combination of strong job growth, limited supply of available homes and historically low interest rates are all working together to push prices higher.

According to data from the National Association of Realtors, the median sales price for a home in the MSA was $1,100,000 in May 2018, up 11.3% from a year earlier. And it's not just prices that are rising; the number of homes sold is also increasing at a healthy clip. In May 2018, there were 2,917 homes sold in the MSA, up 8.6% from a year earlier.

The trend looks likely to continue in the near future as well. Job growth in Silicon Valley remains strong and there are no signs of an increase in new home construction that would help to ease the current shortage of available homes. This means that prices are likely to continue to rise at a healthy pace in the coming months.