Falling inventory continues to lead to hurried home buying across the nation, and Tacoma is among the cities feeling the impact.
The largest city in the South Sound remains among the fastest moving markets in the United States, according to the latest numbers from residential real estate website Trulia. A list compiled by the site shows the City of Destiny has the sixth-lowest percentage — 27.7 percent — of homes left on the market after two months.
Compare that to the national average of 47 percent, and it’s easy to see that Tacoma’s home buying market is maintaining a torrid pace. The five cities with faster markets than Tacoma are all much larger metros: San Jose, Oakland, Seattle, San Francisco and Salt Lake City.
How long homes are staying on the market continues to correlate strongly with falling inventory. Trulia’s top 10 fastest moving markets have all seen major decreases in housing inventory over the last five years. Tacoma, for example, has seen a 42.2 percent drop in inventory since 2012; Salt Lake City, with the most drastic decline among the top 10 fastest markets, has fallen 61.2 percent.
“Markets that have witnessed larger decreases in inventory have experienced larger declines in the share of homes still sitting on the market after two months,” said Ralph McLaughlin, Trulia’s chief economist. “With these declines, falling inventory has also pushed affordability of homes across all segments to new post-recession lows.”