Northern California’s housing market is red hot, and a new report by Trulia shows just how quickly homes are being sold there.
In the study, Trulia’s economists calculated the share of homes that were listed for sale on their site on February 14, 2014 and that were still on the market on April 14, 2014. Using that data, they were able to determine in which major U.S. metros homes have been selling the quickest.
The fastest-moving markets had a lower percentage of homes still listed after the two-month period, while the slowest-moving markets had a higher percentage.
Trulia found that the top three markets were Oakland, San Jose, and San Francisco — all major tech hubs where rising rents and gentrification have been hot topics as of late. In all three of these metros, only roughly a third of the homes that were listed in February were still for sale in April. Nationally, the rate was about 55%.
They also found that the fastest-moving markets had the highest gains in prices, with year-over-year increases well over the national average of 10%.
This scatter plot shows that the markets with the biggest year-over-year price increases generally tend to move faster.
While the fastest-moving markets were all located in the western U.S., those that moved the slowest tended to be concentrated in the Northeast and the South.