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Daily Real Estate News | April
10, 2008
Top 10 Best Cities for Home
Sellers
Four factors are widely seen as affecting whether a housing
market is a good one for sellers: job growth, amount of new construction,
vacancy rates, and credit availability.
Forbes magazine used a variety of resources to determine how the
country’s 40 largest metro areas fared according to these measures. The result
is this list of top 10 cities for sellers:
- San Jose, Calif.
Because of a tough regulatory environment, new home construction dropped 63
percent last year.
- San Francisco.
When the conforming loan limit recently jumped from $417,000 to the maximum
$729,750, that made credit much easier to get for many of the city's home
buyers.
- Salt Lake City.
The 3 percent annual job growth rate, paired with a declining inventory of
existing homes and one of the nation’s sharpest declines in construction
made this market a good one for sellers.
- Austin, Texas.
Texas is very affordable, plus the city has the nation’s fastest job
growth at 4.1 percent.
- Kansas City, Mo.
The number of unsold, vacant houses dropped by 40 percent last year.
- San Antonio, Texas.
Jobs are growing by 3 percent and construction starts have dropped by 42
percent.
- Denver. The
49 percent drop in construction starts paired with the 2 percent rise in new
jobs are good news for sellers.
- Providence, R.I.
Vacancy rates at 1.6 percent combined with a 42 percent cut in inventory
help sellers.
- Charlotte,
N.C. Moderate prices and strong job growth bode
well for sellers.
- Seattle, Wash.
Strong job growth and a 42 percent decrease in new home construction are
good news for sellers.
Source: Forbes, Matt Woolsey (04/07/08)
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