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10 Cities Where Are Homes Selling Fastest

home-for-sale There are two occurrences happening simultaneously in the market: some of the hottest housing markets may be slowing down, while those that have been slow to rebound are finally heating up.

Trulia’s Fastest Moving Markets Report found that some of the hottest markets on the "Costly Coasts" may be slowing down while slow-to-rebound markets in the "Bargain Belt" are heating up despite the issue of declining inventory and worsening affordability.

According to the report, home are selling faster than they were last year with the largest jump observed among trade-up homes.

Nationally, 66.6 percent of homes listed for sale on March 6 were still on the market on April 6, down from 67.8 percent for the same period last year.

FMM_2016_blog_inline1_V4However, Trulia noted that "not all segments of the market move alike: fluctuations in inventory–which affects the time that homes stay on the market–can behave quite differently within different price points (starter, trade-up homes, etc."

The troubling news for first-time homebuyers is that the pace of starter and trade-up home sales is much faster this year compared to premium homes.

Trulia said that 65.5 percent of starter homes were still on the market after a month last year, compared with 63.4 percent this year, while trade-up homes went from 62.9 percent on the market last yer to 59.8 percent this year. Premium homes have not moved much at all, rising 71.5 percent from 71.8 percent

"Much of this is likely due to the fact over the past few years, inventory of both starter and trade-up homes have fallen much more than premium homes," Trulia said. "However, the national trend hides big differences from one local market to another. In some metros, the sales pace is quickening, while slowing in others."

Trulia's Top 10 Fastest-Moving Housing Markets in America

  1. San Jose, California
  2. Oakland, California
  3. San Francisco, California
  4. Seattle, Washington
  5. Portland, Oregon
  6. Tacoma, Washington
  7. Colorado Spring, Colorado
  8. Denver, Colorado
  9. Dallas, Texas
  10. Salt Lake City, Utah

Trulia's Top 10 Slowest-Moving Housing Markets in America Compared to a Year Ago

  1. Housing, Texas
  2. San Francisco, California
  3. North Port-Sarasota-Bradenton, Florida
  4. Madison, Wisconsin
  5. Miami, Florida
  6. Phoenix, Arizona
  7. Cape Coral-Fort Myers, Florida
  8. Oakland, California
  9. Sacramento, California
  10. Fort Lauderdale, Florida

"All and all, this offers both good news and bad news for homebuyers. Homes are moving off the market slightly faster this year than last at the national level, but there are dramatic differences across individual markets," Trulia said. "Home hunters East of Mississippi can still take their time but will need to move slightly faster than they did last year. Meanwhile those in the West won’t need to move as frantically as they did last year, but they will still need to move quick to get their dream home."

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