Housing Recovery to Pick Up Steam in 2016

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IMG_2165HOUSING RECOVERY TO PICK UP STEAM IN 2016

Steady employment and economic growth, pent-up demand, affordable home prices, and attractive mortgage rates will keep the housing market on a gradual upward trend in 2016. However, persistent headwinds related to shortages and availability of lots and labor, along with rising materials prices are impeding a more robust recovery, according to economists who participated in a National Association of Home Builders (NAHB) Fall Construction Forecast Webinar.

 

Highlights from the forecast include:

  • Home equity has nearly doubled since 2011 and now stands at $12.5 trillion.
  • Mortgage interest rates are expected to rise over the near-term, averaging 4.5 percent in 2016 and 5.5 percent in 2017.
  • Single-family starts are projected to rise 11 percent by year end to 719,000.
  • Single-family production is projected to increase an additional 27 percent in 2016 to 914,000 units.
  • Multifamily starts are expected to rise 9 percent to 387,000 units this year and post a modest 3 percent decline to 378,000 units in 2016.
  • Residential remodeling activity is forecasted to increase 6.8 percent in 2015 over last year and rise an additional 6.1 percent in 2016.

Source: CAR Newsline

Category : Blog

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