Upcoming Real Estate Experiences with Inman: Connect Miami, Luxury Connect, and Inman Connect Las Vegas
Mark your calendars for the ultimate real estate experiences with Inman’s upcoming events! Dive into the future at Connect Miami, immerse in luxury at Luxury Connect, and converge with industry leaders at Inman Connect Las Vegas. Discover more and join the industry’s best at inman.com/events.
The U.S. housing market is facing a major shortage, with 7.2 million homes needed to meet demand, according to a recent analysis by Realtor.com. Despite the formation of nearly 18 million households over the past decade, only 10 million single-family homes were constructed during the same period.
Realtor.com’s Chief Economist, Danielle Hale, stated that the U.S. is experiencing a long-term housing shortage, with new construction failing to keep pace with a growing population. While there has been a recent increase in new construction, it will take time to close the gap.
In 2023, homebuilders began construction on a total of 947,200 single-family homes and 472,700 multi-family homes, bringing the overall housing starts from 2012 to 2023 to 14.7 million. However, 10 million of those new housing starts were single-family dwellings.
The demand for affordably-priced new homes remains strong, with 43 percent of new homes on the market selling for less than $400,000. Millennials make up a significant portion of new-home buyers, with 48 percent of them purchasing new homes.
At the metro level, permitting activity is lagging behind household growth in many areas, with cities like San Antonio, Austin, and Deltona experiencing significant inventory gaps. Builder sentiment reached an index of 34 in 2023, with builders working hard to meet demand and attract buyers with incentives.
Overall, the housing market is facing a critical shortage, and it will require a significant increase in construction to meet demand. With events like Inman Connect Miami, Luxury Connect, and Connect Las Vegas, industry professionals will have the opportunity to come together to discuss solutions and innovations in the real estate market. Join the conversation at inman.com/events.
