California Continues to Dominate The State of the Housing Market
California's housing market remained strong for home sellers in October with six major cities making SpotProperty's list of best places to sell a house.
Six of the top 10 cities on the list appeared on September's State of the Housing Market, though most saw small gains or loses.The Top Ten Cities on SpotProperty's State of the Housing Market:
- San Francisco (No Change in standing)
- San Jose (+3 Change in standing)
- Los Angeles (+7)
- San Diego (+3)
- Boston (+16)
- Oakland (-3)
- Washington, D.C. (+15)
- Denver (+1)
- Long Beach (+6)
- Austin (+1)
- Long Beach
- Washington, D.C.
SpotProperty's State of the Housing Market examines some of the country's largest cities to determine the top areas for home sellers. The metric uses a combination of market statistics, which includes a city's household median income, median list price, median gross rent, and loan information.Austin
In September the Hipster capital of Texas just missed out of making the top 10 list, coming in at the 11th spot. In October, Austin moved up one spot to take the 10th position. What makes Austin a strong market for home sellers has been the decrease in total available inventory and an increase in the median price per square foot.
Today there are 2,630 homes on market, down from 2,911 a month ago. At the same time, the median price per square foot has increased by 3 percent. It now stands at $161 whereas in September the figure came in at $152.Boston
Beantown climbed up 16 spots to break into the top 10. In September, Boston ranked as the 21th best city to sell a home in. Today Boston has secured the number 5 spot, mostly because of a decrease in inventory and a low percentage of distressed properties.
Inventory in Boston dropped by 13 percent over the past month and is down by 37 percent since a year ago. Today, there are 1,058 homes available for curious home buyers. In September, there were 1,223 homes on the market. Still, just a short year ago there were 1,690 homes.
At the same time, the percentage of distressed properties has hovered at 3 percent or lower for about three years. Today that number sits at 2 percent, which is surprisingly down from last month.Long Beach
Long Beach moved up 6 spots to take its place as the 9th best city to sell a home. In September, Long Beach came in at number 15. It now stands at the 9th post. In the past month there has been a decrease in total inventory; however, the median days on market is 17 percent higher.
At the moment, there are 524 homes on the market. Last month there were 541 homes. These numbers are low compared to a year ago when there were 1,132 available homes.
In addition, the median days on market is 54 days up from 46 days in September. Still, homes are selling quickly compared to last year's figures when home stayed on market for 77 days.Washington, D.C.
The nation's capital had one of the biggest gains over the past four weeks. The home of the White House moved up 15 spots from September. The city moved from the 22nd position to the 7th spot.
In Washington, D.C. there are fewer homes on the market today than a month ago. At the moment there are 1,358 homes on the market, down from 1,458 in September. Homes stay on the market for 55 days, which is an increase from 47 days from the previous month.