Home sales might be at their lowest ebb since the 2008 financial crisis, with sales of existing homes expected to drop to a rate unseen since 2011—but in 10 key cities across the U.S., homebuying is seeing a surge.
The deceleration in home sales is spurred by the highest mortgage rates in 23 years, dwindling inventory, and sky-high home prices. “Low supply of available homes on the market will likely keep prices elevated,” Jeffrey Roach, chief economist at broker-dealer LPL Financial told Newsweek.
The average rate on a 30-year fixed mortgage recently spiked to 7.57 percent, according to Freddie Mac, pushing many potential buyers away while keeping existing homeowners in place due to the “lock-in” effect. Still, some regions of the U.S. are defying the odds.
An analysis by Realtor.com revealed cities where homes are moving off the market significantly faster compared to last year, hinting at where buyers are flocking despite the nationwide slowdown.
So where are the cities that are moving more inventory?
10 Cities Selling Homes Fast
Buffalo, NY: An attractive proposition due to its lower-than-national median price, Buffalo homes have seen a sharp turnaround in sales, averaging 13 days faster than last year.
Phoenix, AZ: One of the country’s fastest-growing regions, Phoenix is also selling homes roughly 13 days faster, likely due to the city’s stable climate and relative safety from natural disasters. “You do need a good AC unit in your house,” Scottsdale real estate agent Kristy Ryan said to Realtor.com. “But as long as you have that, you’re set.”
Oxnard, CA: This coastal city is known for less crowded beaches and a vibrant agricultural sector. Homes here are moving 11 days faster than the previous year, even though their median list price is notably higher than the national average.
Boise, ID: After a downturn during rising interest rates, Boise’s market is making a comeback, with homes now selling nearly 10 days faster.
Las Vegas, NV: This entertainment hub is bouncing back from a previous halt, selling homes about a week faster than the national median.
Bridgeport, CT: Primarily catering to commuters to New York City, the area has seen homes selling about a week faster than a year ago.
Harrisburg, PA: Holding the record for the quickest average time-on-market in this list, Harrisburg stands out in Central Pennsylvania.
Springfield, MA: With home prices roughly 25 percent below the national average, Springfield’s demand remains undeterred by the high mortgage rates.
Cleveland, OH: As one of the most affordable metros on this list, with median homes being listed just under $200,000, Cleveland’s low prices are keeping the demand high despite the nationwide trend.
Portland, ME: Known for its scenic beauty and lively food scene, Portland remains attractive, especially for those eyeing primary or vacation homes.
While the national housing narrative is grim due to skyrocketing mortgage rates and record prices, these cities exemplify nuances of the real estate market. Differences in local economies, lifestyle offerings, and affordability play pivotal roles in driving demand.
As homebuyers recalibrate their preferences and priorities in the currently challenging market, it’s clear that some cities, against all odds, are booming, offering opportunities in an otherwise gloomy landscape.
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