The US isn't building enough houses, and that's not changing anytime soon

[Yo_Mama_Been_Loggin]

Homebuilding activity has never fully recovered from the last recession.

Real estate website Zillow and research firm Pulsenomics conducted a survey of more than 100 economists, real-estate experts and investment strategists to gauge their expectations regarding the U.S. real-estate market. A 54% majority of those experts said they don’t expect new-home construction to reach an annual rate of 1 million units until 2022 or later.

And that has implications for buyers. “Without new homes to meet population growth and replace an aging housing stock, home buying is expected to move further out of reach,” Skylar Olsen, Zillow’s director of economic research, said in the report.

Since 1959, single-family housing starts have occurred at an average seasonally-adjusted annual rate of 1 million homes. In 2006, just before the recession, housing starts hit an all-time high pace of 1.8 million units.

But in the years following the Great Recession, the U.S. has not built homes at that pace — let alone the long-term historical average rate. And the situation isn’t expected to look much better in the coming years.

Indeed, just as many people (16%) said they expected housing starts to hit their long-term average next year as those who expect this milestone not to occur until 2025 at the earliest. One in four experts surveyed cited 2021 as the year they expect home-building activity to rebound to its historic levels.

https://www.msn.com/en-us/money/realestate/the-us-isnt-building-enough-houses-and-thats-not-changing-anytime-soon/ar-AAH8Wba?li=BBnbfcN

[unblock]

1. location, location, location

zillow still has my house worth rather less than when i bought it 12 years ago. much of new england is in probably in the same boat as the generational migration from the northeast and mid-west to the rest of the country continues.

so whatever supply is short, it's certainly not driving up prices around here....

[Runningdawg]

2. They are building houses in Tulsa

But they tear down 3-4 1500 sf houses to build ONE that is 5000+
OR they tear down an apartment complex that housed hundreds to build luxury condos for a dozen.

[Wellstone ruled]

3. Pretty much the same story nation wide.

The real kicker is public confidence in our Nations Economy as well as the lack of personal resources to take on debt at this time.

[FakeNoose]

4. They're still building McMansions that nobody can afford

Somebody should tell the developers to get smart and build affordable and environmentally-friendly houses. The wealthier countries of Europe have all figured it out, why can't we?