Townhouses are showing a strong comeback. For the third-consecutive quarter, the construction of townhomes — attached single-family housing — saw a sharp rise in total units and market share to a point that hasn’t been seen since 2008, the National Association of Home Builders reports.
The construction of townhouses nearly doubled in the past year — rising from 12,000 starts in the third quarter of 2011 to 21,000 starts during the third quarter of 2012. The market share of townhouses makes up 12.1 percent of all single-family housing starts, up from 11.2 percent during the previous quarter of this year.
The peak of townhouse construction was reached during the first quarter of 2008 at 14.6 percent.
The National Association of Home Builders predicts a rise in townhome construction in the coming years. “The prospects for the townhouses are positive given large numbers of home buyers looking for medium-density residential neighborhoods, such as urban villages that offer walkable environments and other amenities,” according to NAHB economists.
Source: “Townhouse Starts and Market Share Grow During Third Quarter,” the National Association of Home Builders