Affordability limits new-home construction growth to exurbs

Affordability limits new-home construction growth to exurbs The exurbs were the only area that posted annual growth in new single-family home permits in the first quarter, highlighting an ongoing affordability battle for homebuyers and builders looking for land, according to the NAHB.

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Exurbs, which the HBGI defines as outlying counties of large metro areas with at least 1 million residents, were the only region to show net single-family permit growth when comparing the first quarter of 2019 data relative to the starting quarter of 2018, with a 1.6% gain. But exurbs only consist of 9% of single-family construction nationally.

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In the new Home Building Geography Index, only exurbs showed net single-family permit growth year over year.. "Supply-side issues that are hurting affordability and raising costs for builders.

. dealing with a shortage of construction workers and buildable lots, which limits housing affordability.” “We saw a large gain at lower price points where demand is strong. In March of 2019, 50.

Affordability limits new-home construction growth to exurbs The exurbs were the only area that posted annual growth in new single-family home permits in the first quarter, highlighting an ongoing affordability battle for homebuyers and builders looking for land, according to the NAHB.

In June 2017, Lakewood residents decided to take action by spearheading the Strategic Growth Initiative – a ballot measure that would limit new home permits issued by the city of Lakewood to a 1% annual increase and would require Lakewood City Council to hold a public hearing and vote to approve residential projects with more than 40 units.

Nowhere else in the country has home affordability gotten so out of whack than along. loose lending standards and excessive new-home construction. “I don’t see any signs of an imminent correction.

While rising property values allow homeowners to feel wealthier and make it easier for them to sell their dwellings, the price gains limit affordability for prospective. some weak spots in the.

A Bullish New Year for New-Home building. higher mortgage rates should not make affordability a major challenge, as long as rates-and wage growth-rise gradually over time.. BUILDER NAHB.

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BUILDER NAHB: Exurbs Get More Single-Family Permits Builder group says the cost of land in cities and suburbs is pushing affordability outward.