As materials and labor shortages continue apace, homebuilders are confronting a new challenge: finding lots on which to build.
A recent survey from the National Association of Home Builders shows that 76% of builders rated the overall supply of developed lots in their regions as low to very low—an all-time record since NAHB began collecting the data in the 1990s. The prior record was 65% in 2018.
Around 46% of single-family builders said the lot supply in their areas was simply low, and 30% said it was very low. Since 2013, the survey has also asked builders to rate the supply of A, B and C lots in the areas where they build, and keeping with prior trends, shortages were most significant for "A" lots.
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