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Housing in 2015: 'We Are in a Slow March Back to Normal'

A house under construction in Louisville, Ky.
A house under construction in Louisville, Ky.Photographer: Luke Sharrett/Bloomberg

The thump of air hammers and the whine of mini-dozers will be heard a bit more in 2015. Housing construction should continue to climb back in the new year, although it probably won’t get all the way back to its long-run average. “We are in a slow march back to normal,” David Crowe, chief economist with the National Association of Home Builders, said in a December statement.

“Before this downturn, anything below 1 million housing starts in a year was considered almost a housing depression,” Stuart Miller, chief executive at Lennar, said in a September conference call with analysts. “This recovery is just now getting us back to that level of starts.” The homebuilders’ group projects housing starts to grow from just under 1 million in 2014 to about 1.2 million in 2015.