Bad News, Home Buyers: It’s More Expensive for Developers to Buy Lots for New Houses
Posted by The Cobb Group on
It’s costing real-estate developers a pretty penny to purchase lots for single-family homes. And that could spell trouble for people who are struggling to afford to buy a home.
A new analysis of U.S. Census Bureau data conducted by the National Association of Home Builders found that the median price for a single-family lot of land had risen 4.4% in 2018, higher than the 2.4% average rate of inflation last year.
Half of the lots nationwide now sell at or above $49,500, researchers found.
That figure constitutes a nominal national record. However, when adjusted for inflation lot prices were still higher during the housing boom preceding the Great Recession.
Nevertheless, it’s gotten much more expensive to purchase land to…
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