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The report showed homeowners are staying in their homes just shy of eight years on average. "This counter-intuitive combination is in part the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time homebuyers," Blomquist added. Of course, there are still some laggards. Baton Rouge, Louisiana, for example, saw average home prices decline by $15,000 from their previous purchase price. The same is true for Huntsville, Alabama, where average home prices declined by $8,100. Of the 20 metro areas with the highest percent return on the previous purchase price, 10 were located in California and three were in Colorado. Competition among homebuyers, especially in these areas, is fierce, so it's particularly important to have your finances locked and loaded before you start your search. Regardless of where you're looking, getting pre-approved for a mortgage is key. You'll also want to be sure your credit is in good shape so you'll get the best mortgage terms available. You can check your credit scores for free on Credit.com. These are the top 20 metro areas where home sellers are making the most money when selling their homes.
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