Housing Market Shifting to Satisfy Millennials

Housing Market Shifting to Satisfy Millennials

US housing starts are forecast to reach 1.6 million units in 2021, with homebuilders benefiting from strengthening consumer finances and rising levels of employment. At the same time, sales of existing homes are expected to reach 6.0 million units, with the fastest gains occurring in the South. Although economic recovery has helped consumers achieve higher incomes to purchase homes, rising home prices and a shortage of available properties is presently a detriment to first-time homebuyers, especially millennials.