Low Housing Inventories and Markets Most Affected: Metro Areas (MSAs) with Largest Unit Growth in Residential
In many metropolitan areas, critically low inventories and subsequent skyrocketing home prices and rental rates are locking out new home buyers and impeding moves at a time when the economy is growing and employment is high. This is the fourth factoid in a series of five factoids that zeros in on markets hit the hardest with the housing shortage and those that are fairing better.
While many metro areas are suffering with tightening housing inventories, some areas are having better luck with building permits and new housing construction in an attempt to turn the tide.
Single Family Homes
For single family units only, Phoenix leads the way with 1,509 building permits added from 2017 Q2 to 2018 Q2, followed by Santa Rosa, CA with 1,007. Denver, Charlotte, and Atlanta all had above an 800 unit growth over the same time period.
From the 2nd quarter of 2017 to the 2nd quarter of 2018, Houston tops off the list for MSAs with the largest growth of multi-family units at 4,525, followed by Orlando with 3,767 and Charlotte with 2,892. Los Angeles, Atlanta, and San Diego all exceeded 1,500 units over the same year.
Source: Census Bureau Housing Units and Building Permits