Dive Brief:

• The housing recovery depends on new jobs and first-time homebuyers, David Crowe, chief economist for the National Association of Home Builders, said Friday.

• In a speech to a group of Florida homebuilders, the economist said because young adults face higher-than-average unemployment, they’re unable to become homeowners. “The housing market will not expand until we expand the first-time homebuyers,” Crowe said.

• He noted that the economic recovery—not just the housing market—have been slow to recover from setbacks suffered during the recession.

Dive Insight:

First-time homebuyers are purchasing 29% of existing homes and 16% of new homes on the market, down considerably from pre-recession levels. But Crowe predicted that as the overall economy improves and new households form, more young adults will buy homes. “They have to live somewhere,” he said. Still, more evidence points to the idea that millennials just aren't as interested in being homeowners as previous generations, so time will tell if Crowe's prediction holds.