As the spring selling season continues to rage on, Trulia has released the latest edition of its Fastest Moving Markets Report. The study shows the housing market is improving better than expected, as properties during the spring selling season moved off the market faster than the previous year.
Nationally, only 66.6 percent of homes were still on the market after 30 days in April, down from 67.8 percent the same period a year ago. According to the report, roughly 63.4 percent of starter homes were still on the market after 30 days, a 2.1 percent increase than the previous year. Trade-up homes encompassed 59.8 percent of homes still on the market, climbing 3.1 percent during the month.
“Homes are moving off the market slightly faster this year than last at the national level, but there are dramatic differences across individual markets,” Trulia said.
“Home hunters East of Mississippi can still take their time but will need to move slightly faster than they did last year. Meanwhile those in the West won’t need to move as frantically as they did last year, but they still need to move quick to get their dream home.”
Top 10 Fastest Housing Markets In America
In order to discover how long properties were staying on the market, Trulia tracked homes listed on March 7, then calculated how many homes were still for sale on April 7. In order to calculate how quickly homes were moving by segment, Trulia divided all properties for sale on their site from each of the 100 largest U.S. metros and placed them into three price tiers. Each metro given its own price cutoffs based on high-end, mid-range and low-end markets, which are also known as premium homes, trade-up homes and starter homes.
According to Trulia, the top 10 fastest housing markets after 30 days were:
Top 10 Slowest Housing Markets In America
Unlike cities on the west coast, those east of the Mississippi take a little more time to warm up to homebuyers. The two slowest housing markets in April belonged to Fairfield County, Conn., and Long Island, N.Y., where roughly 78 percent and 76.9 percent of homes are still on the market.
The top 10 slowest housing markets in America, according to Trulia, were: