The nytimes informs MHProNews the turnaround in the housing industry has led to such a shortage of existing homes for sale that would-be buyers in some areas are reluctant to list their homes for fear it will sell before they can find a replacement. Others are waiting to see how high prices may rise before they sell. In Sacramento, Calif., where the median house price has spiked 15 percent in 2012, realtor Kurt K. Colgan says, “In my 27 years I’ve never seen inventories this low. I’ve also never seen a market turn so quickly.” Across the country sales prices increased 7.3 percent in 2012, surging 23 percent in Phoenix. While new home construction languished during the recent lean years following the bubble, many tradespeople sought other careers, making it tougher for builders who now have work to find skilled labor. Many hard hats have gone to the high-paying oil field jobs in Texas and North Dakota. In addition, builders who own land may want to wait and get a better price as values rise. Harry Elliott III, president of 100-year old Elliott Homes who built 1,400 homes in 2006, 250 last year, and plans on 350 this year says, “If we could build 500 houses right now, could we sell them? Possibly, but I don’t want to sell all my lots that I’ve held on to forever and have to give them away at these prices. We lost money for a lot of years, and I’d like to make some money for a change. I’m not building because I need the practice.”
