Approximately 1.8 million homes sat on the market during the second quarter of 2013, Realtor.com reported Wednesday.
As the overall housing inventory continues to shrink, home list prices are also rising in major metros. With this in mind, Realtor.com put together its list of the top 10 turnaround towns in housing.
With its median list price growing a dramatic 37.8% year-over-year, Detroit is second only to Oakland, Calif., in median list price growth. Oakland's median list price also rose 41.3%. And in Detroit, the rate at which homes in this category are selling beats out every single town east of the Rockies.
"Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26% and becoming one of the most balanced markets in the nation," said Steve Berkowitz, CEO of Move, which operates Realtor.com.