Building Industry and Land Development Association (BILD) says government policies in land constraints, regulations and development approval processes are negatively impacting the availability of new homes to real estate consumers. As a result, the price gap between new homes and condos has grown to $196,844, which is more than double the long-term average and limiting choice and affordability for new home consumers.
The new home index price rose 16% over 2012 to $632,868, fueled by real estate consumers hunting an ever-shrinking supply, according to BILD‘s report. In contrast, new condo index price rose only 0.4% to $436,024 over 2012.
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