Notably, some of the fastest-moving markets have slowed down since last year.
While the share of homes for sale that are still on the market two months later in 2014 fell in the fastest-moving markets in 2013, it increased in Los Angeles, Orange County, and Sacramento.
The share also increased considerably in Ventura County (from 38% to 48%) and Phoenix (48% to 55%) and moderately in Riverside-San Bernardino (from 49% to 53%). This means that many of the formerly hard-hit markets that led the housing recovery with price gains, investor buying, and bidding wars are now cooling off.
At the same time, markets elsewhere in the country are speeding up. Although the New York metro area isn’t one of the fastest-moving markets, the share of homes for sale that were still on the market two months later dropped from 65% in April 2013 to 54% in April 2014. Edison-New Brunswick, NJ, and West Palm Beach are speeding up at a similar pace to New York, even though homes in these markets aren’t moving quickly enough to land those markets on the top 10 fastest-moving markets list.
In contrast, the slowest-moving markets are in the South (e.g. Richmond, Knoxville) and the Northeast (e.g. Hartford, Albany, New Haven). All but one of the 10 slowest-moving markets had year-over-year price increases below the national average of 10%.