According to Zillow Real Estate Research, individual housing markets are responding to their local economics instead of riding the wave of recovery this home-buying season.
Though cooling down nationally, home value growth slowly diverges from region to region, which Zillow Chief Economist Stan Humphries says is a sign of recovery.
“What we’re seeing is the passing of the baton — as mortgage rates begin to rise, and incomes and household formation rates increase — from a stimulus-driven housing market to one driven by fundamentals,” Humphries said.
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