RealtyTrac's Peter Miller takes a look at the split consensus regarding recent reports of recovery (or lack thereof) in the real estate marketplace, and finds times aren't as bad as some sources may lead the public to believe.
According to an October report from the National Association of Realtors, overall home sales are up 3.9% from last year, and existing home prices have increased by 5.8%. Those jumps are especially notable as they've taken place during a time when inflation has almost completely stalled. Additionally, homeowner equity rose $6.5 trillion between 2010 and this summer—one of the better measures of economic progress in recent years—yet, much of the public still isn't buying into the notion that times are good.
If incomes are down how can people confidently enter the real estate marketplace? This may become the biggest real estate question of all in 2016. Or, it could be that there’s no such thing as a “long-term benchmark normal range,” just different prices for different times. After all, as they say on Wall Street, past performance is no guarantee of future results.