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- Title
Vacant Lots Accrue as Builders Pause to Consider Options.
- Authors
LADURANTAYE, STEVE
- Abstract
According to an article in Builder magazine, there has been an increase in the number of vacant lots as builders are taking a cautious approach to their building plans. However, this trend may reverse soon, as 70% of builders plan to increase their number of starts in 2024. Zonda's New Home Lot Supply Index shows that there were 62.4% more lots available in the third quarter compared to the same quarter last year. While the supply has increased slightly from the prior quarter, the market is still considered "significantly undersupplied" nationally. The index also reveals that lot supply has loosened in most major metropolitan areas, with 29 out of 30 areas experiencing an increase in lot inventory. The largest share of upcoming lots are in the excavation stage, with an expected delivery between the second and third quarters of 2024. Despite a decrease in total upcoming lots compared to the previous year, the most recent data shows a 13% increase compared to the fourth quarter of 2019, which aligns with the fact that new-home sales are outperforming pre-pandemic levels.
- Subjects
VACANT lands; METROPOLITAN areas; PERIODICAL articles
- Publication
Builder: The Magazine of the National Association of Home Builders, 2023, Vol 46, Issue 8, p7
- ISSN
0744-1193
- Publication type
Article