2020 Predictions for Residential Construction

According to the Fannie Mae housing forecast for 2020, new housing is projected to increase 10% in the United States. That means a busy year for homebuilders. A recent article for Forbes takes a look at housing predictions for the coming year. Some key statistical takeaways include:

• Residential building permits are at a 12-year high
• Housing starts are up 13.6% since November
• Housing completions are up 7.3% since November
• New home sales are predicted to grow 5% in 2020 and 5.5% in 2021
• Existing home sales are predicted to grow 1.5% in 2020 and 0.2% in 2021
• The Housing Market Index is the highest it has been since 1999

So what does this mean for builders? Good news. Home prices are expected to continue rising in 2020, as demand is still high. For more details, read the article in full at Forbes.