The Twin Cities has a dearth of new and existing homes for sale, but local builders did their part in May to create new supply as permits were up for both single-family and multifamily housing units.
Even so, homebuilders say they could add even more supply if not for constraints that include the metro area’s shortage of developable lots, pandemic-induced supply chain disruptions and a lack of construction labor.
David Siegel, executive director of Housing First Minnesota, said the Twin Cities market needs the additional supply. Homes are selling quickly, prices are rising, and inventory of new and existing homes is low, he noted.