Writing in JLC’s sister publication, Builder magazine, NAHB chief economist Robert Dietz delivers a lucid point of view on we can expect long-term in the housing market. These are the high points:
- Housing demand will increase in medium- and low-density neighborhoods
- Home size will grow again.
- Single-family rental housing will see a window of opportunity.
- Conversion of retail spaces into residential property will accelerate.
- Focus on skilled labor availability will remain.
His list of likely changes is not too surprising, but the details he provides for each of these is worth reading. What is most welcome, perhaps – especially after so many months during which we have all been staring at a completely blank future, not knowing what to expect – is the confidence with which he states his projections. A clear vision of what’s to come beyond next week is certainly something we can all welcome right now.
Despite the challenges these predicted changes will bring, Mr. Dietz’s overall forecast offers a glimmer of sunlight:
We’re not forecasting a V-shaped recovery, but the rebound will be led by sectors like home building. Given the importance of home for all Americans so far during this pandemic, housing will remain in the forefront of consumer decisions.
