Shortage of affordable homes could worsen in 2017, economist says #San Antonio#affordable homes

The local housing market will probably have another good year in 2017, with buyers quickly snatching up new homes built by developers, Metrostudy Regional Director Jack Inselmann said at the Greater San Antonio Builders Association’s annual housing forecast. Inselmann predicted that developers will start construction of 10,350 single-family homes this year, 2.6 percent above the 10,089 homes that broke ground in 2016. San Antonio has long been known for its cheap homes, but its affordability has come under threat in recent years, limiting sales activity and forcing homebuyers to choose used homes over new ones or resort to renting, Inselmann said during his presentation. In another housing forecast hosted by the San Antonio Board of Realtors on Thursday, economist Mark Dotzour said a shortage of skilled labor and tight federal lending policies were also to blame. The local housing market is emerging from what almost certainly was another record sales year: 27,147 homes were sold by November, slightly below the record 27,219 sold in all of 2015, according to data from the San Antonio Board of Realtors. In October, it ranked first among U.S. states for construction permits issued for single-family homes, with 105,530, and for multifamily developments, with 58,139, according to Metrostudy data. Businesses will benefit from a less aggressive Occupational Safety and Health Administration and Equal Employment Opportunity Commission under Trump’s watch, he said.

Source: Shortage of affordable homes could worsen in 2017, economist says – San Antonio Express-News

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