Construction trends for single-family homes in Seattle's Puget Sound region have decelerated for a couple of reasons. Scarcity among millennial home buyers is one of them. As BUILDER has reported, successfully courting millennials is key to the housing industry. Puget Sound Business Journal staffer Marc Stiles taps an economist whose forecasts for the new year speaks specifically to the millennial moment of reckoning.
"Because it is an election year, I do not expect to see any significant governmental moves that would have major impacts on the U.S. economy or housing markets," said Matthew Gardner, chief economist of Seattle-based Windermere Real Estate.
In addition to rising apartment rents, Gardner thinks millennials will be drawn to homeownership because confidence in the housing market will grow. He also forecasts that more supply will come to the market because baby boomers will sell their houses as they downsize.