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Tight inventory, rising home sales and migration shifts are among the trends — both positive and negative — to watch for in 2018, according to Re/Max Co-Chief Executive Officer Adam Contos.
In a 2018 outlook issued Monday by Re/Max, Contos characterized historically low housing starts, down 2.9 percent year-over-year according to Re/Max data, as the biggest threat to a housing market currently oversaturated with high-end luxury homes and multi-family residential construction.
“Even though there’s a shortage of labor and a spike in material costs, the primary reason for the low starts is that builders have focused on more profitable, higher priced homes and multi-family residential construction,” Contos said in a statement. “We can’t blame them, but we need more entry-level houses. We’d love nothing more than to see the next generation of homebuyers start building equity now. We saw glimmers of hope at the end of the year as U.S. single-family homebuilding a permits bega…
Article image credited to David Ryder / Stringer / Getty Images