After years of lagging, the Star Tribune reports that business is booming for home builders in Minnesota. Let the number speak for themselves - a recent report by Metrostudy showed that the supply of buildable lots in the seven-county Twin Cities metro area has fallen to pre-boom levels. This means that new construction could soon experience the same inventory shortage the rest of the market is facing.
Twin Cities home construction by the numbers:
- In the second quarter of 2013, 1,730 homes were started in the seven-county Twin Cities metro. This is an increase of 54.3 percent over Q1, and a 46 percent jump over last year.
- There were 2,765 new housing units in inventory at the end of June — this is an increase of 13 percent over last quarter. Of those units, 2,139 units are in construction, 395 are finished and vacant and 231 are model homes.
- In the 13-county metro area, there are 22,882 vacant lots; this is a decrease of 12 percent from 2012.