Here’s Why Housing Markets With Booming Prices Haven’t Fully Recovered: Construction

Trulia Price Monitor_Line Chart_Aug2013

In Las Vegas, Sacramento, Riverside-San Bernardino, Warren-Troy-Farmington Hills and Detroit, price gains were more than 20 percent year-over-year, but construction was less than half the normal level. Among markets with 20 percent price gains, only Orange County and San Jose were at or above normal construction levels. Where Asking Home Prices Rose Most # 16.8 percent 59 percent Note: Construction permits based on Census data. Not all local areas report monthly permit data to the Census. In fact, in markets where construction has (visit) fully recovered, there have been more modest price gains year-over-year. Construction is above normal levels in Boston and neighboring Middlesex County, Houston and Austin, TX, Oklahoma City and Tulsa, OK and several other metros — most of which have had price gains of less than 10 percent year-over-year — putting their price rebound below the national average.
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Turning Point for Housing Market? Key Drivers Shift from Supply to Demand

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