August column for Builder & Developer magazine now online

My column for the August 2015 issue of Builder and Developer magazine is now posted online.

For this issue, entitled "Capturing the Elusive First-Time Home Buyer," I wanted to follow up on the recent PCBC panel I hosted which discussed the same subject.

An excerpt:

Importantly, although the percentage of first-time home buyers has recently risen by a few percentage points from where it was a year ago, for most builders of new homes it’s a different story.

Whereas the share of new home sales versus the overall market has traditionally ranged from 15 to 20 percent, today it’s about half that, and unless that capture rate rebounds closer to historical norms, new home starts will remain subdued. Moreover, given that 2.5 to 3 times today’s national median household income would allow a sale price of about $140,000 to $160,000, it’s easy to see why building that starter home has become so problematic.

 To read the entire column, click here.

To read the entire August 2015 issue in digital format, click here.