Clear Capital’s May housing report shows that the state of the housing recovery is very much local and very much stabilizing, which is another way of saying the big swings are behind the market at least for the time being.
“The days of double digit price gains are behind us, and the market will continue to calibrate to the new reality of annual growth rates between 3% and 5%. A strong spring buying season might be a casualty of the major adjustments underway, but it’s no reason to ring the alarm bells quite yet," said Alex Villacorta, vice president of research and analytics at Clear Capital.
"To be clear," Villacorta added, "there are lots of adjustments taking place in housing markets across the country.”
Generally speaking, Clear Capital foresees price growth stabilizing throughout 2014, which should help boost the confidence and purchase activity from buyers on the fence.
“This suggests that there is good price growth potential and could motivate enough buyers to sustain an overall rate of home price growth consistent with historical norms,” Villacort said.
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