Dive Brief:

• If you use the term "housing" to encompass all activity in the housing market, the comeback since the economy went into its tailspin five years ago looks pretty good, even it not stupendous.
• Much of the recovery in home sales has been driven by existing homes, which are back to 98% of what economists considered normal before the downturn, but new-home starts are back to only 60%.
• One painful lesson that will stick with people is that house prices do not always go up, and that will be a drag no matter what else transpires.

Dive Insight:

The weight that national housing numbers carry depends on where you are and who you ask. Jed Smith, whose title is managing director of quantitative research at the National Association of Realtors, characterizes the housing recovery as doing pretty well, though not "fully running on eight cylinders." Those sentiments echo in housing starts that are well short of pre-recession norms when looked at nationally right now.