IE Business Daily Business news for the Inland Empire.
The National Association of Home Builders is feeling optimistic about the housing market.
More job gains, better mortgage rates, a growing economy and strong demand should propel single-family home sales through the rest of this year and into 2016, the trade association said recently.
“This should be a good year for housing,” David Crowe, the association’s chief economist, said in a statement. “We expect 2016 to be even better, due to a significant amount of pent-up demand and an economy that will be entering a period of reasonable strength and consistency.”
Millennials are expected to be a main driver behind the anticipated improvement in home sales, Crowe said.
The Washington, D.C.-based association based its forecast on the opinions of several economists who participated in the NAHB’s recent 2015 Spring Construction Forecast Webinar. It did not make a numerical prediction regarding home sales but listed some of the reasons it believes the market is poised for improvement.
Nationwide, as many as 7.4 million home sales might have been lost during the past seven years. As the economy continues to improve, some of those missed sales could return to the market as new home sales, Crowe said.
