Here's another sign that Utah's economy is roaring. Salt Lake City's housing market is tapped as one of the ten "fastest moving" in the country.
Fortune looked at how many homes were still on the market after two months to gauge how fast the market was moving. Salt Lake City came in at #10.
|America’s Top 10 Fastest-Moving Housing Markets|
|#||U.S. Metro||% of homes still for sale after two months, April 2015||% of homes still for sale after two months, April 2014||Difference in share still for sale, 2015 vs 2014||Median Asking Home prices, April 2015|
|1||San Francisco, CA||26%||28%||-3%||$1,099,000|
|2||San Jose, CA||30%||31%||-1%||$800,000|
|4||San Diego, CA||33%||44%||-11%||$549,990|
|5||Orange County, CA||41%||45%||-3%||$699,000|
|8||Los Angeles, CA||43%||45%||-3%||$549,000|
|9||Ventura County, CA||43%||50%||-6%||$589,999|
|10||Salt Lake City, UT||45%||28%||-6%||$299,900|
|Note: Among the 100 largest U.S. metros. The two-month shares and the difference are rounded to the nearest percentage point, and the difference was calculated before rounding; therefore, the rounded difference might not equal the difference between the rounded shares. Click here to download the full results for each of the 100 largest U.S. metros.|
According to Fortune's analysis, Salt Lake City, San Diego and Ventura County sped up the most over the past year.
The "slowest moving" housing markets in the country were Albany, NY, Long Island, NY and Syracuse, NY.
Why do some markets speed up while others slow down? Last year we found the fastest moving markets were those that had the largest year-over-year price gains. Things don’t appear to have changed this year. In fact, asking prices increased near or above the national average of 5% year-over-year in six of the 10 fastest-moving markets.
But fast-moving markets are different in other ways, too. They tend to be more expensive to begin with. In other words, they have both higher price levels AND they’ve notched bigger price increases in the past year. Expensive markets—including many in California—have tight housing supplies because of limited construction in the face of growing demand. So homes get snapped up quickly.