Here Are the 10 U.S. Cities With the Most New Homes
Homebuilding is finally picking up in some major American cities, especially down South. It’s a hopeful sign that the severe inventory shortage that has upended the housing market is finally improving.
The real estate brokerage Redfin analyzed data on building permits for single-family homes (those with 1-4 units) to determine how many new houses are currently being built in the U.S. More building permits mean more new construction, which helps alleviate the inventory crunch and could eventually bring prices back down to earth. That's good news for homebuilders — and homebuyers.
“Builders were hit hard by the [2008] housing crash — and home construction didn’t fully recover because of a combination of rising material and labor costs and restrictive zoning,” Redfin Chief Economist Daryl Fairweather said in a news release.
More recently, supply chain issues and materials shortages caused by the pandemic have further driven up construction costs. “As a result,” Fairweather said, “the U.S. is roughly 4 million houses short of meeting homebuyer and renter demand.”
