This Year in Review: Architecture and Real Estate

From trade wars to climate change to a labor shortage in the trades, 2019 has been a turbulent year. Current events shape every aspect of our lives, big or small, and architecture and real estate are no different. This year has changed the market, and trends such as multigenerational living, the urbanization of the suburbs, and entry-level housing angst are expected to continue through 2020.  Sustainable design is increasingly important to both buyers and builders; people can now iBuy homes at the touch of a button; and eight Frank Lloyd Wright sites were inscribed into the UNESCO World Heritage List. Catch your breath now, because 2020 is coming in hot. 

As 2019 draws to a close, here’s a look at the year that was in real estate and architecture and a preview of what to keep an eye on in 2020. 

Concerns ease over a U.S. recession

Economic pessimism and recession jitters set in earlier in the year as the U.S.-China trade war intensified. However, a group of top economists who gathered December 11 at the National Association of Realtors’ Washington, D.C. headquarters arrived at a consensus that the U.S. economy will continue expanding next year while projecting real estate prices will rise and reiterated that a recession remains unlikely. 

“Real estate is on firm ground with little chance of price declines,” said Lawrence Yun, chief economist for the National Association of Realtors and fellow Forbes.com contributor. “However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains.”

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