Realtor.com report says the housing market is much different than 2007; is that all good news" According to a report from Realtor.com analyzing the property market since the Great Recession, the overall housing market has returned to pricing levels last seen in 2006. The U.S. median home sale price last year was $236,000, two percent higher than 2006. But that?s not a comparison meant to spook homeowners and investors fearing a repeat of the housing crash.
The market has returned to pre-crash prices, but the analysis finds the fundamentals?specifically ?historically low inventory levels, much tighter lending standards, and significant job and household growth??suggest we?re not in for a repeat. While calling the market healthy would be a stretch, especially for those searching for affordable homes and hard-to-find starter homes, the Realtor.com analysis suggests it?s on more solid ground. "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," said Danielle Hale, chief economist for Realtor.com, in release about the new report. "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."
Many markets have witnessed sustained, even substantial, growth: Austin home prices have risen 63 percent in the last decade, with Den...