In a tumultuous summer in the American housing market that saw home prices and mortgage rates rise, the nation's housing recovery was led by cities as diverse as Detroit, Santa Barbara, Calif., and Reno, Nev., according to realtor.com's review of third quarter 2013 housing data. The survey ranks housing markets using such data as their inventory of available homes, their median list prices and the average number of days that their properties are on the market.
The median age of inventory in the U.S. dropped 17.7 percent when compared to the same period in 2012, with typical homes selling in 84 days between July and September of this year, an improvement from 109 days last year. The number of homes available on the market dropped across the country by 3.3 percent year-over-year, with an average of 1.96 million homes on the market on any given day in the period.
"Our Turnaround Towns Report for the third quarter of 2013 highlights a shift toward market equilibrium that we have seen happen across the country," Alison Schwartz, vice president of communications at Move, Inc., the operator of realtor.com, told AOL Real Estate. "Median list prices, which is a key indicator in the report's algorithm, rose by 7.6 percent year-over-year to $199,218 on a national level, and we saw a big increase in median list prices for several of these markets, especially Detroit, Las Vegas and Reno." (Pictured above is Reno at night.)
Some other markets that have demonstrated consistent, incremental improvement have been Ann Arbor, Mich., Dallas, Boston, and Boulder, Colo. All four were in the top 25 accelerating markets in the previous quarter's report.
For a closer look at the turnaround towns, as well as a glimpse of some of the homes listed for sale in those markets, see the slideshow below.
HOMES IN THE TOP 10 TURNAROUND TOWNS:
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