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Builders Say Housing Market In Recovery; Multi-Family Recovering Faster than Single Family

dennis-norman-realtorDavid Crowe, PhD., Chief Economist of the National Association of Homebuilders (NAHB), during a presentation on the impact to the housing industry of a second term by President Obama, basically played it politically safe and said that the “fragile” recovery of the housing market could be “affected both directions by the recent election results”. Crowe went on to share some reasons he is somewhat optimistic about the housing market as well as some data to show just how well the multi-family market is doing.  Positive Signs for the Housing Industry:

Home price trend showing steady increase

house price trend

Source: NAHB

Ratio of Home Prices to Income back on track with historical norm after 150 percent increase during bubble

us housing market conditions

Source: NAHB

Household formations in the U.S. are on the rise…will lead to increased demand for new homes

household formations

Source: NAHB

New home sales have increased and are expecting to grow rapidly in next 2 years

new home sales

Source: NAHB

The multi-family market is recovering nicely

multi-family starts

Source: NAHB