2013 brought the government shutdown, debt ceiling issues, and a slowing economy, which includes the severely depressed new home construction.
Despite all this, the housing recovery keeps chugging along. The year ended with tight inventories, and raising mortgage rates. Predictions are that the housing market will continue to absorb the economic shocks in stride, and continue to recover.
Current predictions include: inventories to remain tight, with the declining supply of distressed sales, and the depressed construction of new homes.
The economy is expected to have added less than 1 million new homes in 2013, with a projected 1.15 million in 2014, significantly below normal levels.
The ramping up of new construction is expected to take awhile. The economic growth is expected to improve over 2014, but the economy will not be operating at full potential for some time.
It is always important to be aware of property values in an ever changing market.