Homebuyers face a tighter crunch in Austin in 2016
Austin’s affordable housing woes could increase as evidence is growing that homebuilders cannot secure lots at prices that make sense.
Metrostudy, a national research company with Austin offices, released a report Tuesday that homebuilders in Austin started 2.25 percent fewer homes in the fourth quarter as compared to the same time in 2014. Lot deliveries in the fourth quarter were down 45 percent from the previous quarter.
“Starts continue to be constrained by a lack of available lots at the lower price points,” said Steve Plevak, regional director of Metrostudy Austin.
That’s bad news for a region that’s not slowing down its phenomenal growth rate.
Another matter that tempered new building starts in the fourth quarter: Builders were adjusting to a backlog of new homes started in the early part of the year that were impacted by inclement weather during the spring.
“The second half of the year was focused on delivery a backlog of sold homes and lots under development,” Plevak said. Read full article>>