The new catch phrase in today’s media is ‘housing recession.’ But what is a ‘housing recession? In the video below they have an in-debt conversation on the housing market and how one defines a housing recession.
A housing recession is a prolonged period of declining home prices. A housing recession can be triggered by a number of different factors, including a rise in interest rates, a decrease in household income, or an increase in the supply of homes relative to the number of buyers.
Some Boston brokers define a Boston housing recession is a prolonged period of declining Boston condos and prices. A housing recession defined by the National Association of Realtors (NAR) is 6 months of declining home sales – not prices. By either definition, the Boston condo market is not in a housing recession.
Life events drive the Boston condo for sale market, not interest rates.