Top 10 Fastest-Moving Housing Markets
In a review of housing markets, Trulia found notable slowdowns in San Francisco, Calif. and Houston, Texas and other metros heating up.
In its Fastest Moving Markets Report, Trulia looked at look at how fast homes are moving off the market this home-buying season, but how those markets have changed over the past year.
Trulia found that:
Nationally, homes are moving off the market faster than last year: 66.6 percent of homes are still on the market after 30 days, which is down slightly from 67.8% from the same period a year ago. About 63.4 percent starter homes and 59.8 percent of trade-up homes are still on the market after a month, which is 2.1 and 3.1 percentage points faster than last year.
Metros east of the Mississippi have sped up the most, while many to the west have slowed: Homes are moving fastest in San Jose and Oakland, Calif., but moving slowest in Fairfield County and Long Island, N.Y. Houston, Texas, a city where the economy has been hit by lower oil prices, has slowed the most, but homes are moving much faster than last year in Colorado Springs, Colo.
Inventory matters: Markets such as Colorado Springs that have experienced the biggest drop in available homes for sale during the past year are seeing more homes moving faster.
Trulia’s Top 10 Fastest-Moving Housing Markets
Trulia measured each city's market speed based on the percent of homes still for sale after one month in April 2016 compared to the number of homes still for sale after one month in April 2015.
An increase in points indicates a slowdown in a city's housing market, while a decrease in points represents an increase in the speed of the city's housing market.
The market speed indicator is followed by the city's median home value as of April 2016.
1 San Jose, Calif. +2.2 $949,000
2 Oakland,Calif. +4 $639,000
3 San Francisco, Calif. +5.8 $1,050,000
4 Seattle, Wash. -4.4 $424,950
5 Portland, Ore. -5.4 $320,000
6 Tacoma, Wash. -2.9 $262,475
7 Colorado Springs, Colo. -8.8 $230,000
8 Denver, Colo. 2.2 $330,000
9 Dallas, Texas 2.5 $205,000
10 Salt Lake City, Utah -4.0 $229,500