Housing construction (not including apartments) during the third quarter was up nearly 33 percent over last year in the Twin Cities metro, boosting options for new-home buyers and putting a drain on choices for those looking for a buildable lot, according to a new third-quarter report from the local office of Metrostudy. Here's a summary of that report:

  • 1,875 new homes were started, up 10.8% from the previous quarter and 33.9% from last year.
  • For the second straight quarter the Twin Cities housing market surpassed 1,500 new home starts for the quarter.
  • At the end of September, there were 2,766 new housing units in inventory, up 234 from the previous quarter.
  •  Here's a breakdown of that inventory: 2,085 units (75%) are under construction, 430 (15%) are finished vacant inventory and 251 (10%) are model homes.
  • There are 22,446 vacant developed lots throughout the 13-county metro, a 12%-decline of compared to last year
  • 10,909 vacant developed lots throughout the metro seven counties, a decline of 18.1% compared to last year/

Here's a prediction from Ryan Jones, director of Metrostudy’s Twin Cities market: "We will likely end 2013 up right around 6,000 new home starts, 30 percent higher than 2012 and twice the amount from 2011,” he said.

Older Post

Fewer new apartments, more single-family houses in the Twin Cities during October

Newer Post

Mississippi Market may expand on East Side