From the L.A. Times
If youâ€™re hoping to buy a house this spring, you might want to hop to it.Â Southern California is home to four of the nationâ€™s nine fastest-moving housing markets right now, according to a new report out Wednesday. And the pace is picking up.
Southern California housing market is poised for a stronger spring
Real estate listings website Trulia crunched the numbers on how long home listings are staying on their site and found that only 43% of houses that were on the market in Los Angeles County in February were still up for sale in April. Thatâ€™s the eighth-quickest pace in the country, and significantly faster than the 60% figure nationwide.
The fastest-moving market was San Francisco, where only 26% of listings last two months. In Orange County, the number was 41%, and eight of the top 10 were in California. The reason, said Trulia housing economist Ralph McLaughlin, is classic supply and demand.
â€œInventory and new supply is quite tight. Thatâ€™s driving, on the supply side, the fast-moving markets,â€ he said. â€œAnd then California is a leading market for job growth, and, especially in the Bay Area, a lot of those are higher-paying jobs that allow people to get mortgages and buy homes. Itâ€™s a double-whammy effect.â€
And itâ€™s getting faster. Three-fourths of the nationâ€™s 100 biggest housing markets had fewer homes listed for two months than they did a year ago, according to Trulia.
Higher-priced markets, and markets that have seen faster price appreciation, have generally accelerated more quickly, McLaughlin said. And in a pricey, growing, market like Southern California, that means buyers have to move swiftly to close a deal.
â€œCaliforniaâ€™s going fast, just like usual,â€ McLaughlin said.
Original article here20.