Dive Brief:

• At some point, Lennar Corp. CEO Stuart Miller said, millennials will begin to form new households, and the current pace of home-building will suddenly be behind the demand curve.
• The depressed formation of households and a mortgage market that "is not enabling demand to form at normalized levels" are why building is at about 30% below what long has been considered normal in the U.S.
• The country now is starting about a million homes a year, Miller told CNBC, while1.5 million is the traditional, pre-recession norm.

Dive Insight:

The Millennials – people born between the late '80s and the early 2000s – are moving back into their parents' homes or renting with roommates or otherwise not becoming the households that want to buy homes. "We've been under-producing what's needed for a growing population, and for what should be normalized household formation," Miller said.