This is a YouTube video titled "💫 Economists Temper Expectations on New Homes 💫" featuring Derek McGowan discussing recent economic predictions about the housing market, including new home sales, labor shortages, permitting delays, and housing starts as of July 21, 2021.
Economists are turning back the predictions on the scorching hot housing market just a little bit. Initially out of the gate, they're predicting a 19% increase in new home sales. They turn that back to 17%. But still, crazy numbers. This is a result of lack of labor. People aren't fully employed. Still buildable lots. Builders are ready, but they have to get permits from the government. That's been a little hang up in the whole production line. So there's a lack of inventory to buyers. The demand's there, Buyers are ready and people are still turning to new homes at a record pace. There's a 20% increase in new home starts, which is the most since 2013. So look for that to continue. Sam.
