At The Local Level, It Looks Like The Housing Market Has Bottomed

The New York Fed released their housing check up at their Liberty Street Economics blog, and it offers more optimism on housing.

After taking a deep dive into county level housing data, authors Joshua Abel, Richard Peach, and Joseph Tracy think the housing market is showing signs of healing.

Here’s the data the authors point to:

  • Housing prices are falling in about half of tracked markets, and are stable or rising for the other half. The median county is experiencing stable prices.  
  • The top five per cent of markets are seeing prices rise faster than the decline in prices in the bottom 5 per cent.
  • The decline in transaction volume appears to have finally stopped for most counties, though growth is elusive.
  •  Distressed sales, though still incredibly high, look to have peaked in 2011 and have been declining ever since. 

Here’s Liberty Street’s chart on price trends for the best, worst, and median counties as measured by percentiles:

Housing prices by county

Photo: CoreLogic, Liberty Street Economics

They end by saying that there’s still a long way to go, but housing markets appear to have stabilised. If these trends continue, we will make real progress towards a healthy market. 

Read the full post at Liberty Street Economics

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