Three out of the top 5 metros with the largest year-over-year growth are from good old California. That’s great news for the Golden State being one of the hardest hit States in the housing crisis.
The three top performing California metros are Santa Barbara, San Francisco, and Oakland . . Santa Barbara leads the pack with a mind boggling +33.14% increase followed by San Francisco with +15.44% increase , and then closely followed by Oakland with +15.44% increase. These over achieving metros also lead the nation in the highest average listing prices with averages consisting of $699,000, $725,000 and 379,000 respectfully.
10 MSAs with the Greatest Year-over-Year List Price Increases
|June 2012 vs. June 2011|
|Santa Barbara-Santa Maria-Lompoc, CA||33.14%|
|San Francisco, CA||15.44%|
|Boise City, ID||14.94%|
|Fort Myers-Cape Coral, FL||14.30%|
The positive real estate trend does not only hold true for California but for the nation as a whole. For six consecutive months the average median home listing price for U.S. homes has risen. There also has been a 20 percent decline in inventory and an average of 10% less days on the market putting pressure on home buyers to buy before their dream home gets snagged up by another buyer.
It’s hard to know exactly when to buy but the market is looking like it’s going to begin (if not already begun) an upwards trend. If your currently thinking about buying you should definitely think about pulling the trigger in the near/immediate future, with interest rates at record lows it’s going to be tuff to find a better time to buy.