Home sales will drop, the housing shortage could become the worst in U.S. history, and home values will shrink in some cities.
That dynamic will continue in 2020 and added pressure on the middle range of the market. Millennials will dominate the housing market, accounting for 50% of all mortgages by spring, according to the forecast. Just short of 5 million millennials will turn 30, which is when many people buy their first home, and the oldest will turn 39, generally when family dynamics kick in and people move to larger homes in the suburbs.
On the bright side, builders are well-positioned to increase profits thanks to the shortage of existing homes for sale. Sellers, however, have yet to meet the incremental demand with additional new supply in most markets, Horne noted.
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