Demographic Trends Support Strong Georgia Housing Market If Number of New Homes Constructed Increases

While demographic trends in Georgia and around the US should bolster the housing market during the next ten years, a recent university study indicates that the market will not reach its full potential unless home builders accelerate the construction of new homes. Although the economy has remained healthy in recent years, the supply of new housing has not kept up with the rate of new household formation, leading to housing shortages in many metro areas and higher housing prices. Real estate experts say that builders are hesitant to build new properties due in part to labor shortages and attempts to avoid the mistakes of the early 2000s when overbuilding led to a surplus of homes on the market.

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