Single-family housing shortage has led to the tightest months supply since the series was published in 1999. Adding to the shortage, new construction has failed to rebound post GFC. We find that demographic trends based on stages of life among millennials – entering peak housing demand stages and boomers – who are living longer and likely to downsize later will likely worsen this shortage in the coming years. Net migration trends for several areas including Nashville, Houston, Orlando, Austin and Indianapolis are likely to put further pressure on housing in those areas.

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