The residential market made strides since the recession, which helped the recovery ramp up. However, there is still much to be done before it becomes the main facet of economic growth, according to an analysis from Reuters.
Much of the housing market showed improvement in recent months, including construction, home prices and sales. However, the total housing influence on Gross Domestic Product growth was minimal in recent months. This is not typical of recessions, as recovery usually depends heavily on a booming housing market.
There should be further increases in the GDP next year, the news source noted. However, this will only be between 2 or 3 percentage points, which will keep growth on the same track it is currently.
This information may mean there will be no significant changes in property data growth from what it is currently.
Despite housing's slow growth and a lack of economic expansion, some aspects of the housing market improved in recent months. According to the National Association of Realtors, the median home price rose to $183,900 in September, more than 11 percent higher than the same month in 2011.