There are lots of adjustments taking place in housing markets across the country. Everything from lender regulation, consumer confidence, investors tapering purchases, local economics, and rising home prices have forced participants to continually adjust to a market that has been anything but stable.
Following more than two years of recovery, the mid-tier price sector now offers home buyers the best deals, relative to peak values. After 32.2 percent growth from the trough in 2011, low tier deals appear to be played out compared to mid-tier deals, with prices still 30.6 percent off of peak values. The strong rebound in the low tier price sector left homes, on average just 21.5 percent below peak values.
Real estate is local again. There is quite a spread between say, San Jose, with only 7.9 percent distressed sales compared to Chicago's 39.7 percent distressed sales. Areas with relatively healthy local economies may see stronger appetites from owner occupied buyers where more distressed areas will more likely see investor demand for purchases.
Generally speaking, price growth stabilizing should continue throughout 2014.
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