Photo (cc) by Moyan_Brenn
Head west if you’re looking for a home that you can sell within 60 days.
In San Francisco, the hottest housing market in the U.S., only 26 percent of homes are still for sale after two months on the market, according to an analysis released by real estate website Trulia today.
Seven of the other 10 hottest markets are also in the Golden State, and the other two are also in the West.
Trulia found that the hottest markets are those that experienced the largest year-over-year price gains.
“In fact, asking prices increased near or above the national average of 5 percent year-over-year in six of the 10 fastest-moving markets,” the website states.
The hottest markets come with a downside for some buyers, according to Trulia:
Expensive markets — including many in California — have tight housing supplies because of limited construction in the face of growing demand. So homes get snapped up quickly. And this is bad news for first-time homebuyers.
Nationwide, 60 percent of homes listed for sale on Feb. 5 were still on the market on April 5, Trulia reports. For that period last year, the national average was 62 percent.
Fastest-moving housing markets
- San Francisco — 26 percent of homes were still for sale after two months as of April; $1,099,000 median asking price
- San Jose, California — 30 percent; $800,000
- Oakland, California — 30 percent; $598,000
- San Diego — 33 percent; $549,990
- Orange County, California — 41 percent; $699,000
- Seattle — 45 percent; $409,993
- Sacramento, California — 45 percent; $396,950
- Los Angeles — 43 percent; $549,000
- Ventura County, California — 43 percent; $589,999
- Salt Lake City — 45 percent; $299,900
Slowest-moving housing markets
The slowest markets, on the other hand, are all in the Eastern U.S., with New York home to the three worst.
- Albany, New York — 71 percent of homes were still on the market after two months as of April; $264,900 median asking price
- Long Island, New York — 69 percent; $474,995
- Syracuse, New York — 68 percent; $153,000
- Columbia, South Carolina — 67 percent; $170,000
- Knoxville, Tennessee — 67 percent; $184,900
- Pittsburgh — 67 percent; $155,000
- Lake County, Illinois/Kenosha County, Wisconsin — 67 percent; $289,000
- Virginia Beach-Norfolk, Virginia — 65 percent; $249,000
- Birmingham, Alabama — 65 percent; $193,000
- Miami — 65 percent; $319,000
According to a recent analysis by 24/7 Wall St., however, the eight housing markets that have taken the longest to recover from the crash of the housing bubble and the Great Recession are concentrated in both ends of the country, with California and Florida being home to more of these markets than any other states.
- Providence, Rhode Island/Warwick, Massachusetts — 16.8 years to recovery
- Detroit/Dearborn/Livonia, Michigan — 10.9 years
- Phoenix-Mesa-Scottsdale, Arizona — 9.7 years
- Las Vegas/Henderson/Paradise, Nevada — 7.9 years
- Riverside/San Bernardino/Ontario, California — 7 years
- Orlando/Kissimmee/Sanford, Florida — 6.8 years
- Sacramento/Roseville/Arden/Arcade, California — 5.5 years
- West Palm Beach/Boca Raton/Delray Beach, Florida — 4.3 years
What’s your take on the housing market in your area? How does it compare to the best or worst? Leave us a comment below or on our Facebook page.