With many buyers on the sidelines due to affordability challenges and rising mortgage rates, builders have seen a dramatic slowdown in sales pace and...
Green Brick Partners, a Plano-based builder that builds in D-FW and Atlanta through brands including Trophy Signature Homes, Southgate Homes and CB Jeni, significantly slowed down land acquisitions until the market adjusts.
“A decade-long underproduction of housing has resulted in a gap of approximately 4 million housing units that will take many years to adjust, if not another decade. Recent and expected future reductions in housing starts are likely to exaggerate the housing shortage.” Arizona-based Taylor Morrison, which owns or controls about 80,000 lots nationwide, is reassessing every deal before closing. It reduced spending on new land 70% year over year in the third quarter to $102 million, its lowest level since 2016.
“The land market, when it comes to housing and residential, is definitely in a holding pattern of uncertainty,” Kendall said. “The demand for finished and undeveloped lots is the lowest I’ve seen in a long time.”
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