Construction of new homes fell 0.8% in March to a rate of 1.42 million due to slower work on apartment buildings, leaving prospective buyers with limited options.
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U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts.
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A shortage of existing-home inventory is driving more people to the market for newly built homes.
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When buyers return to the housing market, it won’t be easy to find affordable homes due to lack of new construction, according to Realtor.com.
The post U.S. Has a Shortfall of 6.5 Million Single-Family Homes Due to a Decade of Under-Building, Report Says appeared first on Real Estate News & Insights | realtor.com®.
New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply.
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The county stood head and shoulders above its neighbors in terms of Atlanta-area housing starts, closings and lot deliveries, with Cherokee County coming in a distant second in all three metrics.
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The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.
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New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
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A sudden slowdown in home construction hasn’t affected the rise of new apartment buildings. Ten of the country’s top metros are set to reach five-year peaks in new-apartment construction during 2022.
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In the second quarter, Gwinnett County was once again head and shoulders above its neighbors in terms of housing starts, closings and lot deliveries, according to a new report.
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