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"Thereâ€™s no question that the real estate market is healthier than it has been in years, but the headlines arenâ€™t quite giving consumers the whole story. While existing home sales, new construction sales and home prices are trending up, they are still below their pre-recession peaks, noted Amy Crews Cutts, senior vice president and chief economist for Equifax.
Single-family housing starts are still down around 60 percent from the pre-recession peak, while existing home sales are still down about 38 percent and prices are down roughly 20 percent.
â€œEven with large percentage gains in housing measures, all major indices of housing market vitality point to a long recovery yet to come,â€ she said in a live Webinar on the housing market hosted by Ilyce. (Full disclosure: Ilyce also serves as the managing editor for the Equifax Finance Blog.)
Whatâ€™s keeping the housing market depressed isnâ€™t a lack of buyers but a lack of inventory. There simply arenâ€™t enough houses to buy. Home builders canâ€™t build homes fast enough: There arenâ€™t enough building materials in some communities, and others are experiencing a shortage of construction workers."
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