Home construction in Northeast Ohio typically dips as cold weather approaches.
But in today鈥檚 , inventory is expected to rise slightly this year in spite of the normal seasonal slowdown.
Mike Ferrante is an associate broker with Century 21 Homestar in Akron and says builders are snapping up parcels and rushing to fill demand.
Ferrante on new construction
鈥淭hey鈥檙e building because there鈥檚 such a shortage," he said. "And they鈥檙e realizing that even though materials cost and labor costs are up, it鈥檚 still very profitable for them to build new construction because the prices are rising.鈥�
Low mortgage rates are contributing to the high demand for homes.
Ferrante says with record low inventory available, new home construction is the only way to fill the shortage.
