Has Housing Hit Bottom On Your Street?

July 12, 2012

in Markets

Has Housing Hit Bottom On Your Street?

There’s a growing consensus that the U.S. housing market, as measured by broad national indicators such as home sales, home construction and prices, has hit bottom. It may not get much better soon, but it probably won’t get much worse, either. Still, if you’re thinking about buying or selling a home, national indicators may not matter. What’s happening these days in New York may not be happening in Phoenix (for that matter, what’s happening in Manhattan may be totally different from what’s going on in Long Island). Some very handy interactive charts from Zillow, the real-estate data firm, help drive home this point: the housing recovery is going to be local – and probably hyper-local, at that. Zillow provided data that looks at the share of ZIP Codes within a given market where values are rising or falling. With demand clearly stronger than one year ago, the areas that are doing best are those neighborhoods that have “always had a premium associated with them,” says Stan Humphries, Zillow’s chief economist. [Read this article]

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