A tale of two housing markets

  • For housing, there are two ways to lose population: “natural loss,” the excess of deaths over births; and “net migration,” people moving away.
  • Population loss correlates to price declines, and population gain to appreciation, so the housing market looks very different depending on what's happening in your area.

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This week the National Association of Realtors announced February sales of existing homes had fallen 3.7 percent from January, based on an estimated, seasonally adjusted and annualized 5.48 million homes, the decline attributed to a shortage of homes for sale.