There’s a shortage of places to build houses, even though home construction is on pace to hit a post-recession high this year, USA Today reports.
“Builders are increasingly complaining of a dearth of developed lots, a crunch that’s becoming more prominent as housing starts pick up,” writes USA Today reporter Paul Davidson. “They blame restrictive regulations, limited financing for lot development and buyers’ growing preference to live in or near cities, where there’s little unused land.”
David Crowe, chief economist of the National Association of Home Builders, believes that the lot shortage is limiting the number of new homes for sale and raising the price of a house.
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