Home‑price cycles set the national backdrop. But buyers and sellers don’t transact in “the national market.” They transact in specific cities, neighborhoods, and even blocks.
Historically, markets that proved most resilient shared a few traits:
- Diverse and durable employment bases
- Steady population inflows
- Constraints on new construction, whether geographic or regulatory
- A clear economic role that persisted across cycles
Other markets — often those tied to a single industry or exposed to sudden population shifts — experienced deeper downturns and slower recoveries.
The result was divergence, cycle after cycle.
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