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The West is leading the nation’s housing recovery, according to a recent study from the National Association of Realtors’ Realtor.com.
When identifying the “Top 10 Turnaround Towns” for the third quarter of 2012, the association found nine of the top 10 are located in the West, and seven are located in California.
NAR considered changes in median list price, median age of inventory, size of inventory, and unemployment rate when determining the Top 10 Turnaround Towns.
The Top Turnaround Town in the third quarter was Oakland, California, up from the No. 2 spot in the second quarter. This is the first time Oakland has taken the lead.
The No. 2, 3, and 4 spots were also taken by California metros: Sacramento, San Jose, and San Francisco, respectively.
Seattle-Bellevue-Everett, Washington took the No. 5 spot with a 13 percent year-over-year rise in prices and reductions in inventory and age of inventory.
The bottom of the Top 10 list was rounded out by Bakersfield, California; Phoenix-Mesa, Arizona; Fresno, California; and the one metro outside the Western region, Miami.
Miami slipped from the No. 3 spot in the second quarter to the No. 10 spot in the third quarter.
Median listing prices in Miami increased 14.57 percent from the third quarter 2011 to the third quarter 2012. At the same time, inventory in Miami dropped 22.37 percent.
House flipping is increasing in Miami, contributing to its recovery. The number of houses flipped in the first half of this year is up 25 percent over the first half of last year.
The average profit for individual house flipping in Miami is $38,943, according to NAR’s research.
While foreclosures are falling in most of the Top 10 Turnaround Towns identified by Realtor.com, Miami continues to see high foreclosure rates, with one in every 229 homes facing foreclosure in Miami-Dade County in September