NAHB Outlook on Housing Released
(Waukesha, Wis.) May 9, 2013 –
The National Association of Home Builders (NAHB) recently released their outlook on housing and found the housing market is turning around in Wisconsin and the nation. According to NAHB’s Chief Economist Dr. David Crowe, “The temporary ‘softness’ in housing starts early this year was a ‘momentary pause,’ and momentum will pick back up for the rest of the year.” The pause was due to the federal budget sequester, along with labor and material shortages. Housing, according to Crowe, drives the nation’s economic recovery. There will be an increase in housing in Wisconsin, and in the nation. Wisconsin and the nation are entering a period where there will be more houses being built. “The MBA has received many inquiries from consumers looking for a builder to build their dream
home,” said Kris Hillmer, MBA executive director. “People interested in building can tour brand new homes during the MBA Parade of Homes this August and September. For those who can’t wait and want to build a home now, visit the MBA’s web site at MBAonline.org, to find quality custom home builders.”
According to the NAHB report, multifamily homes and remodeling projects are now close to normal levels in the market. This year alone, multifamily homes are predicted to climb 35 percent nationwide. Remodeling projects are predicted to increase by 2.2 percent this year. The report showed single-family home activity at 47 percent of normal during the first quarter this year. Crowe predicts it will be a 71 percent of normal by the end of 2014. The report predicts an increased number of people buying a home compared to last year.