There is always more than one way to look at a thing, and current industry conditions are clearly no exception.
According to National Association of REALTORS Chief Economist Lawrence Yun about 1.5 million new housing units are needed each year to accommodate rising population, yet housing starts have averaged just about 766,000 per year for the past seven years and last year saw just 439,000 new homes sold, representing 59% of the annual average since 2000.
Considering that the U.S. is projected to continue to see net population growth of about 3.0 million per year, the uptick in building activity seems appropriate. From a demand perspective there are many target options, some more pragmatic than others.
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