The number of homebuilders who reported a shortage of developed lots in their areas hit a record high of 62 percent in May. This is up 2 percent from last year, and far higher than the 43 percent who cited the problem in September 2012, according to the National Association of Home Builders.
Nearly 40 percent of builders in a survey characterized the supply of buildable lots as “low,” while 23 percent called it “very low.” The shortages are most severe in desirable “A” locations. The lack of developed lots is hurting the housing recovery, according to NAHB economist Ashok Chaluvadi. As a point of comparison, from 1960 to 2000 the average number of annual housing starts was 1.5 million, while in 2014, 1 million homes broke ground.
Advertisement
Related Stories
Codes + Standards
Public Comment Period Opens for National Green Building Standard Updates
The 45-day public comment period for draft 2 of the 2024 NGBS begins on April 12, 2024
Codes + Standards
Public Comment Period Opens for 2024 National Green Building Standard Update
The 45-day public comment period opened Aug. 18, and comments must be submitted by Oct. 2, 2023
Codes + Standards
The Inefficiencies of the Latest Energy Code
The 2021 edition of the International Energy Conservation Code (IECC) hampers the return on investment for builders and homebuyers