Amid soaring home prices and crazy bidding wars, builders trying to put a dent in the insatiable demand for housing have applied for 14% more permits so far this year compared with the same 2020 period, per the U.S. Census Bureau.
The Realtor.com data team took a look at which parts of the country could get some relief with some brand-new inventory. The areas experiencing much of the new construction are often in the South and the West, particularly the Sun Belt. These are places with growing populations due to strong economies marked by lots of jobs and often—but not always—lower costs of living. They also tend to have more land available and fewer restrictions on construction.
The pandemic has exacerbated these trends. After staying at home for roughly a year, many folks are jonesing for more space. Suburbs and more rural areas, where there’s room to put up larger homes, have become more popular than condos in the big, expensive cities. And as white-collar workers from more expensive parts of the country are able to work remotely, they’re seeking larger homes farther out.
To see the Top 10 metros with the biggest spikes in permits and their median prices …
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