Massachusetts builders appeared to follow a national trend of breaking ground on more apartments than single-family homes in July, particularly in Boston and its suburbs, according to a local builders group.
"Massachusetts continues to lag behind the vast majority of states in new construction, which is going to lead to a spike in housing prices," said John Smolak, chairman of the Homebuilders and Remodelers Association of Massachusetts' governmental affairs committee. "Because of housing prices and the state of the economy, apartments are a more affordable option."
In some parts of the state, existing homes for sale are drawing multiple bids because of a lack of new housing starts due to regulatory hurdles such as zoning and energy-efficiency requirements, Smolak said.
State housing-start statistics will not be available until later this month.
Nationally, developers broke ground on homes at a faster pace in July, but the rise was because of apartment construction, according to data released yesterday by the U.S. Commerce Department. Builders began work on fewer single-family homes — the bulk of the market — and sought fewer permits to build them.
Robert Authier, executive vice president of the Massachusetts Association of Realtors, said one of the reasons may be that it can be harder for buyers to get a mortgage.
"We've seen nine straight months of housing price increases," Authier said. "A lot depends on whether an appraisal is keeping pace with rising home prices. If the appraisal comes in lower than the value ratio of the house, the buyer won't qualify."
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