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US New Homebuilding stumbles to 2021 low

Posted by Sami Thalji | Oct 21, 2021 | 0 Comments

U.S. homebuilding fell in September and new home building permits fell to a one-year. Shortages in labor, materials, combined with disruptions in supply chains and rising cost of material led to this decline. What does this mean for Florida's consumers and new home buyers? It means that supply will likely stay suppressed and prices will maintain their current highs. Unfortunately, first time homebuyers and working and middle class consumers will continue to be cut out of the housing market due to the lack of supply and the continued dominance in the market of Zillow, Opendoor, and Offerpad. As we've discussed on this forum time and again, these investors are targeting the purchase of the best homes, the homes that offer the best potential for wealth growth. With little to know opportunity for most consumer to buy these homes, the opportunities are few and far between. It will be hard to know where the future of the market goes until we see just how big of a role foreclosures will play in 2022 and 2023.  

About the Author

Sami Thalji

Sami Thalji is a native Floridian, born in Clearwater and raised in St. Petersburg, Florida. Sami graduated from Osceola High School in Seminole, Florida before attending and receiving both his Bachelor of Science and Juris Doctor from the University of Florida in Ga...

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