There are insufficient homes being built to relieve the shortage of housing inventory that permeates the country.
The inventory of newly constructed homes is essentially at a 50-year low. Yes, the country over-built during the housing bubble. But now demand for homes is outstripping supply and prices rose significantly in all parts of the country last year as a result.
It takes about 6 months to go from housing starts to housing completion and ready for sale status for a single-family home. Big builders can do it quicker on spec homes and you’ll see Flagstaff builders with build-ready lots offering to get home buyers into their new homes within four months . Owner-initiated custom construction takes more than twice as long to complete.
For advice about buying a new home in Flagstaff, contact The Elite Team at RE/MAX Peak Properties.
Blog from the National Association of Realtors®: Latest Housing Starts Data.
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CoreLogic asks if Poor Construction Hiring is New Normal