According to an article by Casey Flores in Window Film Magazine, the housing market will continue to expand in the coming year. A webinar hosted by the NAHB (National Association of Homebuilders) demonstrated the reasoning behind the newfound optimism.
David Crowe, chief economist at NAHB, showed the NAHB/Wells Fargo Housing Market Index (HMI) listed builder confidence for newly-built single-family homes at a promising 57. Any number over 50 denotes a good outlook for new builders.
"The builders are telling us that in their sentiments," said Crowe. "The most recent number is at 57–one point off the November level but I don't see it as a negative indicator. If you average the last six months, it's at 56. I continue to be optimistic that we're going forward—though at a more modest pace."
Crowe also talked about interest rates, which hold considerable sway over the performance of the housing market. He cited falling rates as one of the main reasons builder confidence is rising. This in conjunction with Freddie Mac's recent push towards making more interest rates available should give homebuilders hope for the near future.
Another factor not to be ignored, says Crowe, is the recent boost in average income for the millennial generation, which will soon take over the baby boomers as the dominant generation in the workforce, and soon after that the homeowner community.
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