A new fourth quarter from Metrostudy highlights the building gains South Florida had in the final months of 2014.

Building took a slight slump in the final months of 2014, falling 16 percent from the third to fourth quarter. However, on a yearly basis, starts were up nearly 20 percent, which bodes well for an area struggling with inventory issues, according to a new report from Metostudy.

In the latter half of 2014, South Florida starts were generally improving on an annual basis, with the pace of starts rising 6.4 percent from a year prior. But shortages in Palm Beach, Broward and Miami-Dade, researchers found, are likely to lead to a slow down in future months.

Luckily for local agents, low inventories haven’t dampened demand, as annual closings were up 21 percent from one year prior – a now 11 consecutive quarter trend. Vacant inventory currently stands at a 2.3 months supply, which has been consistent for the past nine quarters.

Metrostudy researchers remarked that when vacant inventory levels breach 3 months and hold, the resulting effect is reduced prices and more concessions from builders.

Check out our graph below to see the most active communities in South Florida.