At a time when we hear about all the foreclosures and distressed properties, it is hard to imagine there being a housing shortage in the future in the Triangle area and across the country. However, a report from the Massachusetts Institute of Technology feels that the large decrease in new-home construction that has happened over the past few years may lead to a housing shortage in the future.
It is hard to believe a housing shortage could exist in our near future at a time when the National Association of Realtors reported a total housing inventory increase of 2.5 % to 4 million homes in June. When you step back and look at the decreased number of new homes being built, however, it is easy to see how in the years to come there just might be a housing shortage, even in our Triangle area.
In 2005 when housing was at its peak, 2.1 million new houses were being built. The year 2006 noticed a drop in new houses to 1.81 million, and in 2007 only 1.34 million houses were built. The most drastic decrease can be seen in the year 2009 when there were only 550,000 new homes built. If the rate of new homes being built stays comparable with 2009, it is expected that by mid-2012 the regions where supply and demand are now balanced could see the impact of a housing shortage.
If you have considered moving, now is the time to jump right in and move to the Triangle area where the housing growth is one of the top in the state. There are many great deals to be had in the area. Contact Marti Hampton and her team at RE/MAX One Realty to help you find your dream home.