When homes are put up for sale in Oakland, they don't last long. In February, houses were on the market for an average of just two weeks before they were sold, according to Realtor.com.
As a result, they often attract multiple offers and sell for more than the asking price, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.
The housing supply is tight, thanks to real estate investors who make up about 20% of Oakland's market. These days, most investors keep the homes and rent them out, rather than fixing them up and trying to resell like they used to. "Investors don't flip anymore," Appleton-Young said.
Despite the competition for homes, prices are still down more than a third from their mid-2006 peak.
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
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