US markets in need of more housing

Top 10 markets in need of more housing. Source: National Association of Realtors®, Census Bureau

The above chart displays the top 10 U.S. Markets in need of markets in need of more housing. San Francisco, San Jose and San Diego are among these cities. California new housing permits including single family and multi-family homes are on the rise since 2009, but we are no where near we need to be. We are missing roughly around 65,000 new units annually.

“Missing” 65,000 New Units Annually. Source: Construction Industry Research Board

In economic news this week, U.S. home sales surged in September after falling for two straight months as first-time home buyers stepped into the market. The National Association of Realtors said existing home sales rose by +3.2%, well above market expectations, to an annual rate of 5.47 million units.