Categorized | Residential

Has the Housing Market Hit Rock Bottom? Your Answer Depends on Where You Live

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As one can expect, the topic of housing market recovery has dominated conversations about the economy for the last few years. The housing market’s health has a tremendous influence on a variety of industries, making it a major determining factor for the health of the economy as a whole.

There has been quite a bit of debate over the last few months as to whether or not the residential real estate market has already bottomed out. The debate is largely due to the fact that the claim that the market has hit its bottom has been made so many times, only to have prices and sales fall even further.

The truth is that there are more signs than ever before that the market has, in fact, hit its true bottom. Many experts believe that, nationwide, the market has already reached its bottom, and is now in the middle of a very long and gradual recovery. Recovery will most certainly not take place overnight at the national level, and many predict that a noticeable increase won’t take place for another year.

Some markets, however, are still facing declining sales and prices, which has led some experts to question whether it can be said that the market has officially bottomed out. At the same time, there are some areas that are already seeing major gains in pricing and sales. The reality is that the overall state of the housing market truly depends on the city or state being analyzed.

While the market at the national level has shown signs of having already bottomed out, its health at local levels truly varies from city to city and state to state.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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