Why Fewer New Homes Are on the Horizon Despite the Housing Shortage

In spite of all the house hunters out there clamoring for homes to buy, there won’t be a surge in the number of newly constructed abodes hitting the market anytime soon.

Builders received fewer permits to put up new homes in September, according to the latest residential sales report jointly released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

Permits, which are a good indicator of the number of new homes to come, fell 4.5% from August to September and were down 4.3% from September 2016, according to the seasonally adjusted numbers in the report.

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