10 healthiest housing markets in America

The aftermath of the housing bubble will likely be debated for years to come. Many analysts say the realestate market is on a path to recovery, but some are waiting for the house of cards to collapse once again, when the Federal Reserve steps back from the table. One thing is certain: Some housing markets in the country are currently stronger than others.

A new housing gauge called the Zillow Market Health Index aims to illustrate the current health of a region's housing market relative to other markets across the nation. The index combines 10 measures capturing home value movements, the time homes stay on the market, and the financial health of homeowners. It assigns a value for each region ranging from 0 to 10. For example, if a metro area has a value of 8 on the Market Health Index, the metro is healthier than 80% of all metro areas covered by Zillow in the United States.

While the index can help determine which metros are witnessing strength, it's important to note that rapid appreciation in home values could cause significant housing affordability issues in the longer term. There's also no telling how long before today's winners turn into tomorrow's losers. This was seen during the housing bubble, when the hottest markets quickly turned into the worst. With that said, let's take a look at the 10 healthiest housing markets in the United States.

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1. San Jose, California

Market Health Index: 9.04
Share of Homes Sold for Gain: 86%
Mortgages in Negative Equity: 7.6%
Days on Market: 45

2. San Francisco, California

Market Health Index: 8.85
Share of Homes Sold for Gain: 86%
Mortgages in Negative Equity: 12.4%
Days on Market: 47

3. Los Angeles, California

Market Health Index: 8.64
Share of Homes Sold for Gain: 86%
Mortgages in Negative Equity: 13.2%
Days on Market: 65

4. San Diego, Cal! ifornia

Market Health Index: 8.41
Share of Homes Sold for Gain: 81%
Mortgages in Negative Equity: 14.7%
Days on Market: 61

5. Denver, Colorado

Market Health Index: 8.1
Share of Homes Sold for Gain: 86%
Mortgages in Negative Equity: 11.9%
Days on Market: 62

6. Boston, Massachusetts

Market Health Index: 7.43
Share of Homes Sold for Gain: 57%
Mortgages in Negative Equity: 12%
Days on Market: 83

7. Pittsburgh, Pennsylvania

Market Health Index: 7.37
Share of Homes Sold for Gain: 87%
Mortgages in Negative Equity: 12.1%
Days on Market: 103

8. Portland, Oregon

Market Health Index: 6.49
Share of Homes Sold for Gain: 80%
Mortgages in Negative Equity: 16.9%
Days on Market: 66

9. New York, New York

Market Health Index: 6.01
Share of Homes Sold for Gain: 79%
Mortgages in Negative Equity: 17.3%
Days on Market: 146

10. Sacramento, California

Market Health Index: 5.99
Share of Homes Sold for Gain: 79%
Mortgages in Negative Equity: 23.4%
Days on Market: 64

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