Call Us: 941-500-2177

Housing Boom is Officially Back

Housing boom is officially back

 

The following article is the reason home prices will not crash in the near future and why the crash happened about 10 years ago.

CHICAGO – Nov. 14, 2017 – Housing prices have returned to the "boom levels" of a decade ago, but this time around, the fast appreciation is being fueled by strong supply-and-demand dynamics this time – not 2006's predatory lending practices, investor speculation and too much construction, according to new realtor.com data released Monday.

"As we compare today's market dynamics to those of a decade ago, it's important to remember rising prices didn't cause the housing crash," says realtor.com Chief Economist Danielle Hale. "It was rising prices stoked by subprime and low-documentation mortgages, as well as people looking for short-term gains – versus today's truer market vitality – that created the environment for the crash."

The national median price for a home in 2016 was $236,000 – 2 percent higher than in pre-recession 2006 – according to realtor.com. Out of the country's 50 largest housing markets, 31 have returned to their levels during the last housing bubble (62 percent).

Realtor.com researchers finger Austin, Texas, as the city that has posted the largest increases in home prices – 63 percent – over the past 10 years. Denver and Dallas have also seen some of the biggest gains, at 54 percent and 52 percent, respectively. On the other hand, three markets remained more than 20 percent below their 2006 highs: Las Vegas (25 percent below); Tucson, Ariz. (22 percent); and Riverside, Calif. (22 percent).

Source: realtor.com  © Copyright 2017 INFORMATION INC., Bethesda, MD (301) 215-4688

Post a Comment

Blog Archives

Posts By Category

All Categories Bradenton Homes For Sale (6) Bradenton Real Estate Stats (6) Bridgewater Real Estate (2) Condos for sale in Lakewood National (2) Homes for Sale in Parrish (1) Homes for Sale in Sarasota (2) How to Keep Your Home Safe (1) Lakewood National Real Estate (23) Lakewood Ranch (21) Lakewood Ranch Country Club East (2) River Strand Real Estate (28) Sarasota (4) Selling Your Home (4)

Posts By Month

Tag Cloud

Grab Our RSS Feed

Search by Lifestyle

Lakewood National

Condos and Single Family Homes
From 1,100 to 3,800 Sq.-Ft.
From $170,000's to the $700,000's

Esplanade

Condos and Single Family Homes
From 1,600 to 3,400 Sq.-Ft.
From $200,000's to the $900,000's

River Strand

Condos and Single Family Homes
From 1,100 to 3,800 Sq.-Ft.
From the 160,000's to the 700,000's