Housing construction shifts based on job growth, says study

South Florida is a short decline in housing demand of new jobs, according to a study that meet established by the National Association of Realtors.

The region needs Tricounty 118,937 single-family building permits for the construction of its historical average level in terms of employment growth, trade group said.

"Person inadequate construction of the house of the great recession has had a negative impact on the real estate market, to accelerate the growth of prices and it is very difficult for potential buyers to find, especially young adults affordable housing," said Lawrence Yun, chief economist for the group real estate brokers , said in a statement. "Without the pick-up is in the construction job gains have increased in recent years, new and existing, stocks fell, prices rose and eroded price despite mortgage at or near historically low rates".

The group analyzed data on the construction and employment for a period of three years nationally areas 171 meters.

In the second quarter, prices for apartments in South Florida have increased by 7.3 percent compared to last year, according to the group real estate brokers. The annual price growth of over 4 percent to 6 percent starts to affect the affordability, say industry officials.

Meanwhile in Broward and Palm Beach falls, unemployment, as companies increase staff, according to a status report last week. Broward has added 34,800 jobs in August by 4.4 percent from August 2015; and Palm Beach County added 13,200 jobs, an increase of 2.3 percent.

Find new homes for the workers can be a challenge because housing in the region remains a fraction of what there for ten years on the land scarcity due to the numbers.

Nature Park, for example, has some of the last great areas for construction in Broward. Once built on, building owners in Broward skyrocket older properties and redevelopment of existing sites, analysts say.

During the real estate boom in from 2000 to 2005 with the construction spread further than previously to land by constraints are now not so bad.

At that time it was not unusual that manufacturers 1000-2000 quarter houses begin in each district, according to Metro Study. During the second quarter 2016, builders 389 homes in Broward, Palm Beach began at 489 and 617 in Miami-Dade, the company said.

"It is a difficult thing to get your arms around. We have only the land here," said David Cobb, Regional Director of Metro Study.

Moreover, Cobb said, the lack of supply in South Florida is more expensive, so manufacturers supply end luxury projects that are working out of the reach of many middle-income countries.

"The housing is a cottage industry [oriented affluent consumers] instead of what was intended become: provide protection for first-time buyers," Cobb said.

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