Positive Signs for Single-Family Housing
Single-family home sales will continue strengthening, according to latest report from the Urban Land Institute (ULI).
The Real Estate Consensus Forecast, ULI’s semi-annual survey of the nation’s leading real estate economists and analysts, examined 26 economic and real estate indicators in the third quarter. The report predicted healthy estimates for single-family housing as compared to ULI’s March report.
“The predictions diverge from the previous forecast [from March] in that it is more optimistic regarding the single-family housing sector,” said ULI Executive Director Dean Schwanke.
According to the report, single-family housing starts are projected to increase by 145,000 units in 2013, while home prices are expected to rise 3.9%. Meanwhile, single-family home starts, which have been near record lows, are projected to increase from 530,000 in 2012 to 800,000 in 2014. All of these numbers show improvement from ULI’s March forecast.
“Finally, the single-family housing sector is experiencing a turnaround that is expected to continue,” said Schwanke. “The ULI Consensus Forecast from March projected a stabilizing housing market, and the most recent numbers have been strong, leading forecasters to be even more optimistic going forward.”