Throughout the nation, homes are being snatched up at a quicker pace so far this year than they were last year. According to a recent report released by Trulia, 66.6 percent of homes are still on the market after 30 days, representing a slight dip from 67.8 percent a year prior.
The Trulia’s Fastest Moving Markets Report found that starter homes and trade-ups are spending a little less time on the market in general, suggesting more first-time homebuyers are getting in the real estate ring. Premium homes haven’t made much of a shift in the past year, selling at a slightly faster pace.
Fastest moving housing markets
California and the West Coast dominated the list of fastest moving markets. The final four markets on the list — Colorado Springs, Denver, Dallas and Salt Lake City — were the only ones not along the West Coast. San Jose ranked no. 1 as the fastest moving market with only 37.7 percent of homes taking longer than 30 days to sell. This was actually a bit slower than last year, when 35.5 percent of homes took more than 30 days to sell.
Oakland and San Francisco followed at no. 2 and no. 3, respectively. The San Francisco housing market has slowed quite a bit over last year after tying with San Jose. As of April 2016, 41.3 percent of homes were still available after 30 days.
Colorado Springs’ housing market revved up this year. As of April 2016, 53.2 percent of homes were taking more than 30 days to sell compared with the same time last year, when 63 percent of homes were still listed after the 30 day mark.
Housing markets taking a back seat
Amid falling oil prices, Houston has found its housing market slowing more than any other metro. The percentage of homes still listed after 30 days on the market increased 16.3 percent, from 49.9 percent to 66.3 percent.
San Francisco ranked no. 2 on the list, despite still being one of the top movers. Oakland and Sacramento also made appearances on this list.
Florida also made a big appearance on the list with four metros in the top 10. North Port-Sarasota-Bradenton, Miami, Cape Coral-Fort Myers and Fort Lauderdale are all moving slower than last year.
Miami ranked no. 5 with 75.1 percent of its homes still listed after 30 days, a 4.3 percent increase over the same time last year. Miami was also on the list of slowest moving housing markets in general, ranking no. 6.
Housing markets that are speeding up
Long Island was the top market where homes are coming off the market faster than a year ago. In April 2016, 11.7 percent fewer homes are staying active on the market after 30 days, about 76.9 percent of homes total.
Chicago also made the list, ranking no. 7. Chicago saw a 6.5 percent dip in the number of homes staying active after 30 days in April, or about 62.5 percent of homes.
Inventory is one of the main factors of the speed of individual housing markets throughout the nation. Trulia reports of the largest 100 markets studied, and those hit with less inventory are the most significantly impacted by selling speed.
