South Florida ranks near top of U.S. markets with most dire need for new homes

valencia Home construction

A rare sight: A Palm Beach County home under construction. Photo by Jeff Ostrowski/The Palm Beach Post

South Florida has one of the nation’s most severe shortages of new homes, the National Association of Realtors says. To keep pace with growth in population and jobs, the region needs nearly 120,000 new units, NAR says.

The lack of construction in Palm Beach County has emerged as a force that’s squeezing inventories and pushing up prices for entry-level buyers.

“Inadequate single-family home construction since the Great Recession has had a detrimental impact on the housing market by accelerating price growth and making it very difficult for prospective buyers to find an affordable home – especially young adults,” says NAR Chief Economist Lawrence Yun.

The 10 metro areas in most dire need of new homes:

  1. New York: 218,541 permits required
  2. Dallas-Fort Worth: 132,482 permits required
  3. San Francisco: 127,412 permits required
  4. Miami-Fort Lauderdale-West Palm Beach: 118,937 permits required
  5. Chicago: 94,457 permits required
  6. Atlanta: 93,627 permits required
  7. Seattle: 73,135 permits required
  8. San Jose: 69,042 permits required
  9. Denver: 67,403 permits required
  10. San Diego: 55,825 permits required

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