Economy

San Diego “Significantly Undersupplied” in housing supply

Written by Sebastian Acosta

The San Diego metropolitan area may be the most undersupplied market in the nation for new housing lots, the real estate research firm Zonda said Wednesday. 

According to the firm, based on its findings for the third quarter of 2020, the number of available lots in San Diego for single-family housing had decreased 28 percent in a year. Only Nashville had a greater drop at 30 percent. 

In total, the lot supply was down 9 percent nationwide, but a few markets, including San Francisco and Los Angeles, saw increases of 22 percent and 13 percent, respectively, according to Zonda. 

The firm has had San Diego at the bottom of its list for available lot space for a year now. The county had about 1,137 vacant spots in the third quarter of 2020, compared to 1,728 at the same time in 2019. 

According to London Moeder Advisors, based on what the county told the state it needed, San Diego fell short in its state-certified housing plan for 2012 to 2020 by more than 35,000 housing units

Limited construction may be caused by community opposition to new housing, as well as by geographical obstacles to new housing. 

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