Are U.S. Housing Markets Hot, Hot, Hot?

Abstract

the longest economic expansion on record. This long period of stable growth started after the 2007-09 Great Recession, which is remembered for both the turmoil in financial markets and the collapse in the housing market. Recent empirical work has documented that, in addition to large declines in housing prices (often exceeding 30 percent in some areas), selling delays rose significantly as average time on the market (TOM) increased by several months.1 For the purpose of this essay, we define housing Are U.S. Housing Markets Hot, Hot, Hot?