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supply of lots simply as low and 22% who said the
supply of lots was very low.
The lot supply problem is particularly severe in
relation to housing starts, which still have only
partially recovered from the last downturn. After
averaging 1.5 million new units from 1960-2007
and hitting a peak of two million in 2005, starts
have recovered only to about 1.2 million a year.
The continued low supply of developed lots is a
Not a Lot of Lots, hindrance to a fuller housing recovery, and helps

Builders Report explain some of the recent weakness in new home
sales.
NAHB Nov 2018
In a recent NAHB survey, 65% of builders reported
that the overall supply of developed lots in their
areas was low to very low. This is up only 1% from
June 2017, but significantly higher than the 42%
posted in September 2012.
The focus on lots was included in a special survey
section in September’s NAHB/Wells Fargo Housing
Market Index (HMI). The 65% of respondents citing
a shortage of lots represents the largest low-
supply percentage recorded since NAHB began
periodically asking the question in the HMI survey
in 1997.
The 65% includes 43% who characterized the
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20 DECEMBER 2018 | GREATER SAN ANTONIO BUILDERS ASSOCIATION