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US home builders shift focus to townhomes & condos to address housing shortage

US home builders shift focus to townhomes & condos to address housing shortage

Posted on October 22, 2024   |  

America's housing stock is growing faster than pre-pandemic levels as builders work to close a 4.5 million home shortage.

Builders completed about 1 million single-family homes in 2023, the second-highest total since the global financial crisis, representing an 11% increase from 2019.

The focus has shifted to higher-density housing, with builders constructing more townhomes and increasing starts for attached homes by over 3% from 2022 to 2023.

Construction starts for detached single-family homes fell by 9% from 2022 to 2023, reflecting a change in builder strategies.

This emphasis on attached homes helps builders manage land acquisition costs and provides more affordable options for budget-conscious buyers.

The median size of new homes is stable at around 2,200 square feet, while the average lot size has decreased by 700 square feet since 2022.

The pace of construction has slowed, with single-family home starts dropping by 7% in 2023 compared to 2022 and 16.5% compared to 2021, but numbers remain historically strong.



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