The High Costs of Home Construction
#44
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High Prices Hurt Homebuilders
This summer, it seems like construction costs are going up faster than the new homes themselves. In June, homebuilder supply costs spiked, notching their sharpest increase since February, according to government data gathered by the National Association of Home Builders.
According to the NAHB’s report:
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Overall residential construction goods prices increased by 2.65% year-over-year in June, following a 2.36% rise in May.
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Despite a 7% drop in softwood lumber prices and a 15% decline in steel-mill product prices, other material costs have risen steeply—complicating homebuilders’ construction budgets.
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The costs for other essential inputs like ready-mix concrete, copper, and gypsum products jumped over 6%, 12%, and 2%, respectively.
For agents, rising input costs over the past year mean your clients can expect higher new home price points as these properties hit the market today. Plus, current construction costs for materials like concrete and copper are a leading indicator of the direction final sale prices are likely heading in the months ahead—suggesting new home prices may not be easing any time soon.
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