The four elemental phases of the housing or real state market are the Recovery phase, the Expansion, the Hyper Supply, and Recession.
As any other market that depends on many factors, the Housing market has its ups and downs. An important consideration is that the phases can be different in distinct markets. Each of the phases can be short or long, they do not have any specific duration. When the market is recovering from a recession, the demand usually is slow until it gets to expansion moment, when the market starts to grow.