After a few years of solid growth in single-family home construction, housing production has entered a bit of a recent slowdown.
MarketWatch reports that a shortage of skilled labor and buildable lots, along with higher costs for lumber and other materials, has sidetracked a housing market that has seen steadily rising construction rates.
But, builders are still thriving. People can afford homes: The economy is expanding, wages are rising, mortgages are obtainable, and household wealth is where it was a decade ago.
A pair of reports this week might tamp down unease about the health of the housing market. Sales of previously owned homes are expected to remain near a 10-year high, although they might taper off in May. The biggest problem: Not enough people actually want to sell their homes even with demand near the highest level in years.
Advertisement
Related Stories
Forty Under 40
2024 Forty Under 40 Nomination Form
Help us recognize the rising stars, innovators, and game-changers in the housing industry!
Market Data + Trends
Housing Market Index Shows Builder Sentiment Continues to Rise
In March, builder confidence in the market for newly built single-family homes hit its highest level since July 2023
NAHB
Overcoming Challenges, Celebrating Victories
NAHB Chairman's Message: 2023 was a challenging year for home building, but among the challenges, there were many victories as well
