While the long-term trend for housing is improving, recent housing market data shows that there will still be challenges for home builders. Building lot availability, skilled labor availability, rising prices for building materials, economic developments, and policy developments are going to be particularly challenging. One example is that while housing is increasing, the percentage of first-time home buyers in the market is still below the historical average. In order for that number to go up, potential first-time home buyers will need access to better credit and loans, as well as a more stable job market.
Read the full article here: Eye on the Economy: Short-Term Ups and Downs for Housing