A Louisiana builder shares why homes in his area are in short supply
Homebuilder Randy Noel (far right in the photo above) of LaPlace, Louisiana, 20 miles west of New Orleans, is building an average of 40 homes a year.
“ is probably the best year we’ve had in 10 years,” Noel, 59, says.
Nationally, new home sales are at the highest level in nearly a decade, but the supply of houses is still below what many economists consider “normal” in the housing market — six months’ worth. The latest numbers show the supply of new homes nationwide at 4.3 months, while that of existing homes is 4.7 months, according the Census Bureau and the National Association of Home Builders, respectively.
Noel, a custom-home builder, explains he’s building as many homes as he can and has about 10 homes in various stages of construction at any given time.