Report: Flint, Mich. records highest home turnover rate in January
According to a study from real estate search engine HotPads.com, the fastest home sale turnover rate in the nation in January is in Flint, Michigan with a 411% increase. Flint leads a list of 10 cities that averaged a 251% jump in home sale turnover rates last month, according to HotPads.com. Since Flint – and other top turnover performers including Gainesville, Fla., and St. Joseph, Mo. — are saturated with a supply of homes at low prices, HotPads believes these higher turnover rates suggest a housing recovery is underway. At the same time, home prices are still dropping or remaining flat throughout the majority of the nation, according to the FNC Residential Price Index. Home prices in 23 U.S. metropolitan areas fell 2.2% in December, the largest one-month drop for 2010 and a sign that foreclosed properties continue to weigh down home values across the nation. So while supply is plentiful in all of the cities -- and turnover may be occurring -- values are not experiencing a surge just yet, according to the FNC price index. The study looked at turnover rates in metro areas with populations of at least 100,000 people. To qualify, the cities had to have at least 500 real estate listings for HotPads to study. HotPads' statistical analysis is limited to the 4 million-plus homes in its sales database. The veracity of their claims could not be immediately verified. Write to Kerri Panchuk.