The Real Deal Miami

Pace of home construction slowing

New report cites land and labor shortages

constructionThe pace of home construction in South Florida is likely to flatten in the near future as a result of higher prices and shortages of land and labor, according to a new report cited by the Sun-Sentinel.

The article said that in Palm Beach County, there were 495 housing starts from July to September, down 6 percent from the previous year. Land and labor prices are not the only factors putting pressure on housing starts. David Cobb, regional director of Metrostudy, said a lack of mortgages is a contributor.

“Mortgage availability is still out of reach for a lot of people. There are a lot of first-time and move-up buyers out of the market because they just can’t qualify,” he told the publication. [Sun-Sentinel] – Jennifer White Karp