National Association of Realtors Chief Economist Lawrence Yun issued the latest housing report on the NAR Economist’s Blog. Here are 3 key points from that report.
“New home construction reached the 3rd highest level in the past 66 months. However, the latest annualized pace of 999,000 new units is insufficient to satisfy demand. Another 50 percent increase in housing starts is needed to help relieve the inventory shortage conditions.”
“The latest figure is a decline from the prior month, which was the best in over 5 years. But activity is still higher from a year ago.”
“The inventory of newly constructed homes is essentially at a 50-year low.”
For the complete report, go to –
http://economistsoutlook.blogs.realtor.org/2014/01/17/latest-housing-starts-data-2/#more-14648