Whereas some of the hottest markets would appear to be slowing down, some of the markets seem slow to recover may be heating up, according to Trulia’s Fastest Moving Markets Report.
Overall, homes sales are moving faster than last year as 66.6% of homes are still on the market after 30 days, down 1.2% from last year, according to the report. More specifically, 63.4% of starter homes and 59.8% of trade-up homes are still on the market after a month, which is down 2.1% and 3.1% respectively from last year.
In the San Jose and Oakland areas home are moving the fastest with less than 42%, however in places such as Fairfield County and Long Island is where homes are selling the slowest. In these areas, 78% and 76.9% of homes are still on the market after one year.
Metros located east of the Mississippi River have sped up the most, whereas many metros to the west have slowed down. Houston has slowed down the most after being hit with by lower oil prices. On the other hand, homes in Colorado Springs have been moving significantly faster than last year.
Despite the fast rate in the Bay Area, the market seems to be slowing, according to the report. In fact, San Francisco is second, and Oakland in eighth on a list of metros with the most slow down over the past year. In April 2015, about 35.5% of homes were still on the market after a month in San Francisco.
Despite the slow movement of areas east of the Mississippi River, it is beginning to speed up, according to Trulia’s report. Eight out of 10 top markets with the most increase in speed are located in the East. The second slowest moving market, Long Island, increased in speed the most from last years 88.6% of homes still on the market after one month compared to this years 76.9%.
This chart shows how many homes were still on the market after one month compared to last year. It is divided by the price of homes.
Click to Enlarge:
In markets like Colorado Springs where there has been a significant drop in housing inventory, home sales are moving much faster, according to the report.
This chart shows how inventory is affecting the speed of the markets:
Click to Enlarge: