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A combination of demographics and vacancies provides hope for the housing market’s future, despite the relatively slow pace of the recovery. According to John Burns Real Estate Consulting, housing starts, sales, and prices have been fairly flat in recent months but there are indications that the recovery will accelerate due to falling inventory and the 5.9 million Americans between the ages of 25 and 34 that are currently living with their parents. Burns forecasts 1.43 million in household growth and 1.2 million in new construction as pent-up demand leads more consumers back to the market. That demand will also lead to continued declines in the number of vacant homes. The vacancy rate has been falling since peaking at 3.2 million in 2009. More here.
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