The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Commerce Department report on December residential construction:
“Let’s hope the rising trend in new home construction continues throughout 2017. As evidenced by the brisk pace of rent and home-price growth, the country desperately needs more housing units. Aside from providing consumers with more choices, the increased construction also brings added benefit of boosting economic growth and job creation. Ideally, housing starts should be in the range of 1.5 to 1.6 million.
Good news today on trend, but still far from the goal.”