Mon. Oct 2nd, 2023
    13 Cities in the US Plan to Build More Homes, Offering Hope for Homebuyers

    A recent study conducted by Point2, a real estate marketplace, has revealed that 13 cities in the United States have plans to construct more homes. This is excellent news for potential homebuyers who have been grappling with the shortage of homes in the current real estate market.

    A survey conducted by the National Association of Realtors unveiled that many potential homebuyers are awaiting a decrease in prices or a drop in interest rates before making a purchase. However, these buyers also face the challenge of limited housing supply.

    According to data from the St. Louis Federal Reserve, active property listings in August were around 669,000, a significant decrease of 54% since 2016. The number of new homes under construction is not keeping up with the demand from homebuyers.

    In July, the US Census Bureau reported a 5.4% decline in housing completions compared to the previous year. However, housing starts showed a 5.9% increase. The concerning statistic was the 13% decline in building permits, indicating a slowdown in new construction projects.

    The cities identified by Point2 that plan to build more homes offer promising options for homebuyers. These cities may have greater availability of new homes and potentially more affordable prices. Although the specific cities are not mentioned in the article, they are worth considering as potential areas to search for a new home.

    In conclusion, the shortage of new homes in the real estate market has been a significant obstacle for homebuyers. The news that 13 cities plan to construct more homes brings hope to those looking to enter the market. By increasing the housing supply, these cities can provide better opportunities for future homeowners.

    Sources:
    – Point2, real estate market study
    – National Association of Realtors, conducted survey
    – St. Louis Federal Reserve, data on active property listings
    – US Census Bureau, data on housing completions and building permits