The housing market has bottomed out and should show solid improvement, especially next year, top economists said at the International Builders’ Show in Las Vegas.
The National Association of Home Builders expects construction of single-family homes to surge nearly 22 percent in 2013 to 650,000 units and spike 30 percent to 844,000 in 2014, said chief economist David Crowe.
Starts of multifamily units should rise 22 percent to nearly 300,000 this year, followed by a more modest gain of 6 percent in 2014.
Freddie Mac expects residential sales to climb 8 percent this year as mortgage rates remain below 4 percent, according to chief economist Frank Nothaft. And home prices could increase between 2 percent and 3 percent this year, he adds.
Still, builders remain concerned about the rising cost of building materials, gridlock and uncertainty in Washington, the stagnant job market, and ongoing issues with home appraisals.
Source: "At Builders' Show, an Upbeat Forecast for Housing," The Wall Street Journal (Jan. 22, 2013)
(Side Note: Utah's Housing Market expected to rise between 4 and 6 percent in 2013. Source: Utah Housing Economic Report 2012)
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