The 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