The median single-family lot price was $45,000 in 2015, higher than the previous mark of $43,000 during the housing boom in 2006, according to data from the National Association of Home Builders.
The Wall Street Journal reports that the cause for the price peaks are different this go-round. In 2006, high demand shot up lot values, while today's high prices are due to low supply. Last year, builders began construction on 714,500 single-family homes, half the pace of 2006.
Higher regulatory costs for lot development also factored into the price surge.