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Source:
Forbes, Matt Woolsey (04/07/08)
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.
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