Low mortgage rates, building demand and a growing economy mean 2015 will be a good year for the housing industry, economists with the National Association of Home Builders say.
"Single-family builders are feeling good,” said NAHB chief economist David Crowe. “They are not overly confident, but confident enough to keep moving forward.”
Crowe made the comments at the release of the association’s fall construction forecast webinar.
Single-family housing is on track to finish 2014 very healthy, and do even better next year, he said.
"This is mostly due to significant pent-up demand and steady job and economic growth that will allow trade-up buyers who have delayed home purchases due to job insecurity to enter the marketplace," he said.
The NAHB expects 991,000 housing starts this year, 6.6 percent more than 2013. Single-family home building are predicted to rise 2.5 percent this year to 637,000 units, increase an additional 26 percent next year to 802,000 units and hit 1.1 million units in 2016.