Nationwide, 66.6% homes listed for sale on March 6 were still on the market on April 6, which is down from 67.8% for the same period last year, according to Trulia’s Fastest Moving Markets Report.
In San Jose and Oakland homes are moving the fastest — 37.7% of homes are still for sale after one month in San Jose while it was 39.8% of homes in Oakland.
In the report, there is also bad news for first-time home buyers: The pace at which starter and trade-up homes are moving has quickened much more than premium homes. Last year, 65.5% of starter homes were still on the market after a month, compared with 63.4% this year. Trade-up homes are moving even faster, moving from 62.9% still on the market last year to 59.8% this year. On the other hand, premium homes have barely budged, having increased slightly to 71.5% from 71.8%. Much of this is likely due to the fact over the past few years, inventory of both starter and trade-up homes have fallen much more than premium homes. However, the national trend hides big differences from one local market to another. In some metros, the sales pace is quickening, while slowing in others.