Homebuilder Lennar (LEN) CEO Stuart Miller said in an interview with CNBC that generational forces and still-tight mortgage lending standards are holding back housing from a more robust recovery.

"Right now we're trending to about a million housing starts per year," Miller said. “Normalized housing is somewhere around 1.5 million." He pointed out that housing starts fell below 500,000 in 2009.

Miller, whose company is one of the nation's largest homebuilders, predicted a "slow steady recovery" over the next three to five years. But he acknowledged: "We still have a ways to go."