The housing market is influenced by the state of the economy, cost of working capitals, real income and changes in the size of the population. As well as these demand-side factors, house prices will be determined by available supply.
When economic times are good, certain parts of the housing market usually see healthy growth. … The economy affects the overall housing market and impacts two of its major segments in an especially noticeable manner.
Once an economy slows, it can affect its housing markets. Economic slowdowns affect housing markets, which in turn affect the economy as housing-related activities decline and slow overall economic activity. The economic cycle breaks once economic improvement begins and housing prices reflect consumers’ ability to pay.
As consumers gain confidence in the economy they spend money. … Housing is important to the U.S. economy, and therefore important to national and global economy and financial markets. Housing has an effect on our national GDP on a standalone basis, and also from a consumer health standpoint.
Decent, affordable housing is important to families. Certainly, it fulfills a basic human need for shelter, but it also contributes to the well being of both parents and children. … Decent, affordable housing reduces stress, toxins, and infectious disease, which leads to improvement in both physical and mental health.
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