CityLab published an analysis on Friday in which it concluded that “...new housing in some cities may be finally making a dent in years of pent-up demand.” The question posed was whether the number of new homes built in various cities - adjusted to reflect the number of people they can house - has been in line with the number of new residents. The article is well-written and … [Read more...]
Urban Geography, Vacant Lots, and The Stunted Recovery of New Home Construction
Summary: Even as home prices reach new highs and markets are starved for inventory, the rise in the number of new homes built in the U.S. is sluggish. Homebuilders blame a shortage of labor and, crucially, a limited supply of lots. The geography within metros is telling. Home price appreciation in U.S. cities has been substantially greater towards the metropolitan … [Read more...]
Renewal of The Existing Housing Stock Depends on Home Sales
On average from 2010 to 2015, every 3 existing home sales generated construction activity in 1 additional home. Even though people routinely care for their homes, the turnover of homes between owners is vital in keeping the housing stock up to date. The up-front cost of deferred maintenance and renovation when buying a home is likely to be greater, and affect first-time … [Read more...]
A Quick Note on the Aging of the US Housing Stock
This blog post originally appeared on The Outbox. According to the National Association of Home Builders (NAHB), the median age of owner-occupied housing rose from 31 in 2005 to 37 in 2015. To get a sense of what the means, consider that if no new homes were built during that 10 year period (or demolished, converted, etc'), the median age would rise by exactly 10 years. A 7 … [Read more...]
Can U.S. Cities Compensate for Curbing Sprawl by Growing Denser?
Key Takeaways: The link between housing production and outward expansion is unmistakable: cities that expand more produce proportionally more new housing. Throughout the country, housing production is skewed towards low density areas. Densification has slowed down across the board, and especially in expensive cities, undermining their ability to compensate for less … [Read more...]