Richard Florida is a co-founder and editor at large of CityLab and a senior editor at The Atlantic. He is a university professor in the University of Toronto’s School of Cities and Rotman School of Management, and a distinguished fellow at New York University’s Schack Institute of Real Estate.
There are signs that the U.S. housing market is finally bouncing off its bottom.
The U.S. housing market may finally be bouncing off its bottom, according to the newly released Trulia Price Monitor, which tracks housing prices for major markets across the nation.
According to Trulia chief economist Jed Kolko, the new price monitor represents a significant improvement in major home price indexes, tracing housing price movements "almost in real–time" and covering more metro areas. The Trulia Price Monitor differs from other indices in that it is based on "asking prices" as opposed to actual sale prices.
The first edition of the report shows that housing prices nationally appear to have bottomed out in January of this year and were 1.4 percent higher in March than one quarter ago, based on the on-sale home prices tracked by the index.
But what's really interesting is the metro level tracking. The housing market remains extremely uneven across the country. The first graphic below shows the markets with the largest year-over-year price declines.
The second graphic tracks markets with the largest housing price increases. While some established markets have performed well over the course of the crisis, the Trulia Price Monitor saw several hard-hit markets bounce off the bottom.