However, the housing bubble of 2006 that led to a steep decline in housing prices was the primary cause of the Great Recession in the U.S., destroying the credit of millions of people who were suddenly underwater in their mortgages and impacting the housing market for the greater part of a decade. The average property price in the United States spiked. For years, real estate was considered a reliable way to increase personal wealth because the cost of property and housing consistently increased over time. Housing prices, for the most part, continued their upward trend throughout 2022, even as mortgage rates increased 4 from January to March.
When they are more concerned about the economy, new home construction, remodeling, median prices and housing sales are all depressed.
When the economy is strong and people are confident about the future, they are more inclined to buy houses, upgrade their current homes or buy larger houses.
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