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Instant Reaction: June Housing Starts

Below is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Commerce report of a June rebound in housing starts:

“Though a recovery in housing starts in June is welcome news, more consistent gains are needed to help rebalance the housing market. The latest 1.22 million in total housing starts is still well below the historical average of 1.5 million. That is why the country is experiencing a stubborn housing shortage. With rising population and steady job gains, drastically more new home construction is needed to fully and satisfactorily house new households that will be formed this year and upcoming years.”