A report recently released by Trulia shows the real estate market is only 75% on the way back towards what could reasonably be considered to be “normal.”
The report takes into account a number of different factors which include existing home sales, new home construction, mortgage delinquencies and prices. According to the article in Realtor Mag, a full recovery is being held back by two particular areas which are the delinquency rate and the rate of employment amongst the millennial generation.
Overall, the recovery seems to be largely driven by prices and existing home sales and is expected to yield more gains this year.
In November existing home sales were up by 2.1% compared to a year earlier, while pending home sales were up by 4.1% year on year, according to figures from the National Association of Realtors. The figures for pending home sales were the highest annual gains seen since August 2013.