Housing Recovery Impacted by Lot Shortage
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A shortage of buildable lots is becoming an impediment to the housing recovery. NAHB has shared the details of its May 2015 survey in which 62% of builders reported that the overall supply of developed lots in their area were low to very low. That represents the largest low supply percentage recorded since NAHB began asking the question in 1997. The shortages are especially felt in the most desirable locations, with 34% of builders classifying the so-called ‘A’ lots very low. A shortage of buildable lots translates into higher prices.[NAHB]