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The housing recovery is only in its early stages in Massachusetts, but already there’s an eerie sense of déjà vu. The inventory of homes for sale is low. Bidding wars are breaking out. Prices are rising quickly.
It’s a scenario that would be familiar to anyone who lived through the Massachusetts Miracle of the late 1980s and the bull housing market of the last decade, go-go years of soaring home prices and tight supplies that ultimately ended badly. And if policy makers, economists, and industry officials are accurate in their predictions, history is set to repeat itself.
“We’re just going down the same old road we went before,” said Brad Campbell, executive director of the Homebuilders and Remodelers Association of Massachusetts.