… That’s according to new research released last week from Freddie Mac.
Freddie Mac says supply will continue to fall short of demand, and home prices and rents are likely to outpace the national income.
Housing supply has been a major challenge facing the housing market in 2018 and will continue to be for years to come.
According to Freddie Mac research, the rate of construction is about Three-Hundred and Seventy Thousand units below the level required for short-term housing.
Experts believe:
• 1.62 million units are needed annually to meet the housing demand:
• 1.1 million units to accommodate household growth;
• 300,000 units to replace depleting existing stock;
• 100,000 to meet the demand for second homes;
• and 120,000 units to provide enough vacant homes to maintain an efficient marketplace.
I have posted the full market research from Freddie Mac on our FACEBOOK Page – – – Ask the Contractors
The full research can be found here:
https://www.freddiemac.com/research/insight/20181204_major_challenge_to_u.s._housing_supply.html
