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Developers of multifamily apartment complexes haven’t slowed down in the way that single-family homebuilders have, Assanie said, which could ease the pressure on renters when those complexes open — though it could take at least a year. More than 55,000 apartment units are under construction in Austin, Houston, San Antonio and the Dallas-Fort Worth area, according to tallies by ApartmentData.com. The Warren Group, a leading provider of real estate and transaction data, announced Tuesday that the average price for a single-family home has fallen to $553,000, which is down 1.2 percent from April 2022 when the average price was about $560,000. National Association of Realtors. “NAR Forecasts 4.78 Million Existing-Home Sales, Stable Prices in 2023.” Lower demand is tempered by a distinct lack of supply, though. Since the Global Financial Crisis in 2008, the U.S. has been adding about 1.2 million new households each year, yet the incremental supply of homes is growing at around 1.1 million units. On top of this, roughly 200,000 homes are demolished each year due to obsolescence or alternative use, meaning U.S. housing stock has fallen short of demand by around 300,000 units annually for the last 15 years. |
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