Availability of housing lots reaches new lows

The availability of housing lots has reached new lows, with 64% of builders saying that lot supply in their regions was low or very low, in a National Association of Home Builders/Wells Fargo Housing Market Index survey.

That’s the highest percentage of builders responding “low” or “very low” since tracking began in 1997. The shortage is greater, 69% of builders said, for premium, or "A," lots, and the West leads in the number of builders (39%) who reported that they experienced a “very low” supply of available lots. The NAHB said the survey also showed that the lack of suitable land affected larger homebuilders more than smaller companies.