11/5/2022 0 Comments Build a lot 5 review![]() In certain cases, this means you can lock in some of the construction costs upfront as the homebuyer. And for homebuyers, it means getting a good real estate agent to review your contract-otherwise, you could end up with huge and unexpected costs as the price of lumber, copper, drywall and other materials climb. However, buyers are still extremely active within our markets, we simply just don’t have sufficient inventory supply.” Home Builders and Buyers Face Higher Prices Due to Construction Costsįor builders, this means reassessing how they do business so that their profits are not eroded by the enormous price of materials. “With home prices rising and mortgage interest rates inching higher from 2020 historic lows, we are seeing an effect on housing affordability. ![]() “We are continuing to see a trend of increasing home prices driven by insufficient housing inventories across our footprint and the country,” says Sherri Calcut, president of BOK Financial Mortgage. In other words, this construction slowdown is the last thing today’s housing market needs. But the housing availability drought hasn’t stopped buyer demand, which is pushing up home prices and creating an untenable market for would-be homebuyers across the country. Housing inventory stayed around the two-month supply range in February and March, which is well below the six-month benchmark needed for a balanced housing market. This comes as the supply of homes for sale continues to lag and the cost of materials to build a home remains at record highs. ![]() Department of Housing and Urban Development (HUD) and the U.S. ![]() New home construction hit a wall last month, falling 9.5% in April from the previous month, according to the U.S. ![]()
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