TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/317625
Th e M Rep o RT | 5 Priced to Move While "slowdown" has been the word for housing over the last few months, it's probably not the one that homebuyers would use to describe their own experience in the market. B ased on the share of homes listed on Trulia in February that were still up in April, it's clear that California reigns king in fastest-moving markets, claiming seven of the top 10 spots—with those in the Bay Area sitting near the top of that list. Also notable is the correlation between some of the nation's fastest- moving metros and those that continue to see the biggest increases in asking prices. At 22.7 percent, Oakland ranked near the top in terms of asking price increases among the nation's top 100 markets, with other Golden State markets not that far behind. What's the relationship? It's actually very simple: Homes move quickly in markets where there is little new supply coming, leading to fiercer competition and higher prices—particularly in California, which has felt the inventory crunch more than anywhere else. the pulse Source: Redfin Oakland, California 29% +22.7% San Jose, California 31% +13.4% San Francisco, California 32% +15.1% Denver, Colorado 38% +9.6% San Diego, California 41% +14.0% Seattle, Washington 43% +11.2% Los Angeles, California 44% +17.0% Orange County, California 45% +14.9% Sacramento, California 45% +22.2% Middlesex County, Massachusetts 46% +7.3% City Share of homes still on market after at least two months Year-over-year asking price change, March