Homebuilders, lenders are 'being more conservative' to avoid 2008 repeat: Marcus & Millichap CEO
U.S. homebuilders and lenders are to blame for the country's housing shortage, Marcus & Millichap CEO Hessam Nadji said.
The U.S. housing shortage may be frustrating consumers, but the housing market is in a "very healthy state" compared with a decade ago, Marcus & Millichap CEO Hessam Nadji said Friday. There were about 1.66 million homes on the market at the end of November, which the National Association of Realtors says is the lowest on record for the month. Supply is down 5.7% from the year prior. When low supply meets high demand, prices surge. The median sales price for existing homes came in at $271,300 last month, which is also a record-high reading by the realtors association.
However, Nadji argued that the real estate industry could be considered the "turnaround story of the last half century."
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