At its first-ever Real Estate Forecast Summit on Wednesday, the National Association of REALTORS® released a consensus forecast from 14 leading economists in the housing and finance industries, projecting continued but slowing growth in 2020. Housing analysts at the summit discussed policy challenges in the years ahead, including the need for zoning reform, and economists from California, Florida, Texas, and Virginia gave snapshots of the outlook in their regions.
One of the key themes throughout the event was the need for more affordable housing stock. “Affordable housing is one of the real challenges of our time,” said Department of Housing and Urban Development Secretary Ben Carson in a live interview at the summit with CNBC’s Diana Olick and 2019 NAR President John Smaby. New condo rules that will make it easier to obtain Federal Housing Authority financing for condo units is already having an impact on his home state of Minnesota, Smaby said.