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These real estate markets are heating up

Signs of the housing-market recovery are everywhere, from galloping mortgage rates to rising home prices and all those "under contract" signs popping up around the neighborhood.

Nationwide, homes typically sold in 83 days in the second quarter, 14 percent faster than a year earlier, according to Realtor.com. At the same time, the median list price rose 5.4 percent, to $196,000, and the number of homes on the market dropped by more than 10 percent.

Even some states hit hardest by the recession, including Michigan, California and Nevada, are starting to see their housing markets rev back up.

"Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation," said Steve Berkowitz, CEO of Move, the parent of Realtor.com. "We'll be watching the inventory levels in the months ahead, but if this past quarter is any indication, Detroit won't be giving up without a fight."

Realtor.com is out with its list of the Top 10 Turnaround Towns for 2013. Several metrics are used to develop the list, including inventory, median list price, days on the market, and weighted search and listing activity on Realtor.com.

Do you think Detroit made the list? Did it top the list? Click ahead for the full list of the Top 10 Turnaround Towns for 2013.

By Cindy Perman
Posted 7 August 2013

Follow Cindy on Twitter @ponyblog.

Paul J. Richards | AFP | Getty Images