The housing market is now 64 percent of the way back to “normal,” and we are entering the third phase of the recovery, according to Trulia’s monthly Housing Barometer.
The first two phases of the recovery began in 2009 and 2012, respectively. The milestone marking the first phase was when sales and construction first started to pick up. The second phase began when home prices reached bottom and began to increase.
The third phase began this spring after housing inventory bottomed out and both inventory and mortgage rates began to climb, according to Trulia.
What we’re waiting on now, according to Trulia, is the fourth phase, in which “young adults finally start moving out of their parents’ homes.”
“Until this happens, construction…