Industry NewsMarkets & Economy

Housing market mostly back to ‘normal’ — depending on your location

Dr. Chris Herbert of the Joint Center for Housing Studies at Harvard said 32 out of 100 markets remain below peak prices
  • Nationally, home prices have reached their 2006 peak, but not every market has equally recovered, according to the annual JCHS "State of the Nation's Housing" report.
  • Many low-income neighborhoods are seeing growth mostly in suburban and outlying areas, while affordability in "hot" markets remains a big issue.

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DENVER -- "Our mission as a center is quite simple: To raise housing issues and inform policy," said Dr. Chris Herbert, the managing director of the Joint Center for Housing Studies (JCHS) at Harvard University. Dr. Chris Herbert speaking to reporters at NAREE. | Photo by Amber Taufen To that end, he gave reporters at the National Association of Real Estate Editors (NAREE) conference a sneak peek at the annual State of the Nation's Housing report on Wednesday; it will be released to the general public on Friday, June 16, at the National League of Cities. Herbert said that the housing market is finally "coming back to normal," by which he means that home prices are once again reaching the former peaks reached in 2006, and that the rise in home prices has been widespread. However, he noted that "even though national prices are back to their peak," that doesn't apply to every market. In 32 out of 100 markets examined by JCHS, prices remain below 2006 peaks. "So the story ...