As the housing market grapples with a shortage of single-family homes, real estate brokerage and listings platform Zillow reported Tuesday that more than 300,000 empty lots of 5 acres or smaller were listed for sale on its website in June.
That accounted for more than 17% of all active for-sale listings, the company said, underscoring both opportunities and challenges to boosting new-home supply, even after lawmakers in Congress succeeded in passing landmark housing reform legislation in mid-July.
“The more than 300,000 lots currently listed for sale represent the lowest-hanging fruit in addressing a housing shortage that’s two decades in the making,” said Kara Ng, senior economist at Zillow, in the report. “The challenge is making it feasi...