|As the weather warms up, so is the real estate sector all across the country — and many aspiring home buyers will have to act fast if they want to snatch up their dream home before another buyer does.
According to a recent CNN Money report, an amazing 40% of homes on the market were sold over the last two months, a recent Trulia report found. That’s an increase from 38% during the same period last year — and a sign that lower-priced homes in fast-moving markets are increasingly difficult to get.
“Not only is it more difficult to buy where homes are moving fastest, the homes first-timers would buy are moving faster compared to middle and higher-priced homes,” says Ralph McLaughlin, housing economist at Trulia. “It’s a double whammy.”
It’s estimated that a little more than 50% of home buyers would prefer to purchase a brand-new home. So just where are Americans overwhelmingly looking to purchase a new home?
Housing markets throughout Southern California are undoubtedly some of the most in-demand cities in real estate. Eight of the country’s top 10 fastest-moving housing markets are located in California. With 70% of homes in these cities selling in two months or less, San Francisco, San Jose and Oakland are the three most in-demand places to buy a house in the country.
McLaughlin explained that California has seen relatively little new home constructions taking place to assuage demand, which has risen as job opportunities have strengthened throughout the state. As a result, homes that do go on sale fly off the market with remarkable speed.
Outside of California, Seattle and Salt Lake City, UT rounded out the top 10, CNN Money reports.
On the other end of the spectrum, home buyers looking for a new residence in Albany, Long Island or Syracuse, all in New York, can take a little more time in their real estate searches — these three locations boast the country’s slowest-moving housing markets.