It's no secret the U.S. housing market has not performedas well this year as many hoped it would. Sharp drops in refinancesof existing loans was expected, but the market for purchase moneyloans have not improved as strongly as forecasted.

But as the real estate industry likes to point out, all realestate markets are local, and there are some metropolitan areaswhere the average new home on the market will find a buyer inless than 60 days.

Here, then, are the fastest real estate markets in the country,as determined by research conducted by the online realty firmTrulia.

Read more: The other city by the bay…

1. Oakland,Calif.

Many Oakland residents interviewed by a local media outlet inMay expressed surprise at how their city, located across the bayfrom San Francisco, has seen its reputation move from crime-riddenand dangerous to a trendy and exciting place to live. According toTrulia's research, more than 70% of homes put on the market inOakland found buyers in less than 60 days. In addition, the firmfound asking prices for property in Oakland rose almost 23% yearover year from March 2013 to March 2014.

Real estate analysts familiar with the market cited thedeep-seated stability of the region's job market, driven primarilyby the ongoing technology boom in San Francisco and San Jose, fordriving housing demand, combined with a lower number of housesavailable for sale overall.

Read more: Tech capital still going strong…

2. San Jose

As the long standing capital of the U.S. technology sector,San Jose has a hot job market that can sustain long-termhousing demand. According to Trulia's research, 69% of homes put onthe market in San Jose sold in less than 60 days and prices rose13.4%, year over year, from March 2013 to March 2014.

Media outlets, including Forbes Magazine, laid part of the responsibility for San Jose'sstrong housing market on overseas buyers, especially China, whohave tended to purchase houses with cash and with no contingencies.Forbes reported as of June, overseas investors have bought morethan 33% of San Jose-area homes in 2014.

Read more: Less space means more demand…

3. San Francisco

San Francisco regularly leads hot real estate market lists, soits inclusion on this one came as no surprise. According to Trulia,68% of homes put on the market in San Francisco sold in less than60 days, and prices rose 15% year over year.

The biggest factor driving the housing market in San Franciscois a lack of supply, due to a lack of available space, Trulianoted. San Francisco is located on a peninsula and has a strongtradition of historic preservation in some areas, which has limitedthe availability of new construction.

Read more: Only list city not in California…

4. Denver

According to Trulia, 62% of Denver homes put on the market soldin less than 60 days, and average prices moved up 9% yearover year.

Realtors and real estate analysts agreed the chief reason forthe hotter market was been reduced inventory. One Realtor commentedto Inside Real Estate News, a publication dedicated to reportingDenver real estate, his neighbor put a house on the market recentlyand potential buyers lined up on the street outside to tour it.Many put in a bid.

Read more: Beaches, military and universities…

5. San Diego

Situated on the Southern California coast with a strong militaryand university presence, it's no wonder San Diego has had a rapidlymoving real estate market. According to Trulia, 59% of homes put onthe market in San Deigo found a buyer in less than 60 days, and prices rose14% from March 2013 to March 2014.

As with other California locales, analysts and Realtors cite alack of available land and building restrictions for some of SanDiego's inventory shortage. Others also mentioned tax law thatcreates a disincentive for existing home owners to sell by freezingtax assessments on existing property.