Housing Affordability Will Remain a Significant Challenge in 2022
Low existing home inventory and strong buyer demand will keep housing moving forward in 2022 even as builders continue to grapple with ongoing building material production bottlenecks and labor shortages that will limit the pace of construction and keep upward pressure on home prices, according to economists speaking at the International Builders' Show in Orlando, Fla. today.
"Building material costs are up 21% compared to a year ago," said NAHB Chief Economist Robert Dietz. "Their price and availability, along with persistent supply chain bottlenecks, remains the most urgent challenge for builders as they seek to boost production to meet rising demand."