Affordable Housing, Community Development, Reports and Publications

Housing Market in Recovery but Many Left Behind

Joint Center for Housing Studies of Harvard University

The housing market has made a number of positive changes, among which was an 11.6% year over year increase in median house price by March 2013, a year over year increase in home prices in 48 states as of April 2013, and a drop in underwater homeowners from 12.1 million at the end of 2011 to 10.4 million at the end of 2012.

The 25th year of the Joint Center for Housing Studies’ State of the Nation’s Housing report was released on Wednesday, June 26. This year’s study shows a mixed housing recovery that has only benefited a portion of Americans.

April 2013 was the 34th consecutive month of growth in rents. The median asking price for rent in 2012 of $720 is the highest ever recorded. The homeownership rate has been in decline since 2004 and 2012 saw a decline from 66.1% to 65.4%, resulting in a loss of 161,000 homeowners for the year. While the housing market is rebounding nicely, there is heavy demand in the rental market and a lack of affordable housing is leaving many families in the dust.

Click here to access the full report The State of the Nation’s Housing 2013



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