The real estate investment and land asset-management company has identified 17 near-term development opportunities and is in advanced negotiations to develop build-to-rent communities with about 2,500 units across the country.
The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
With high costs slowing construction and potentially lowering homeownership for many, easing zoning rules may be the most effective way to increase the supply of new housing.
Special questions added to the National Association of Home Builders’ monthly builder survey found 90% or more of respondents had experienced shortages of plywood, oriented strand board, framing lumber and appliances, with most other materials also hard to come by.
Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.
The developer plans to turn the land into an agrarian-inspired residential community and approximately 1,200 homes are expected.
Low mortgage rates and low inventory levels are making the demand for homebuilding more attractive to buyers in Houston and nationwide.
The builder has started home sales in Mandola Farms in the Richmond area and is set to begin building The Highlands, a new master-planned community in Porter.
Newmark Homes and Tri Pointe Homes, two of the nine builders at Cross Creek Ranch, will be offering homes designed for 45-foot homesites, ranging from the $320,000s to $340,000s.