Lansing-East Lansing, Michigan, was named most affordable major housing market and Los Angeles-Long Beach-Glendale, California, was named least affordable major housing market.
Building material costs are up 21% compared to a year ago and persistent supply chain bottlenecks remain the most urgent challenge for builders this year.
Spending by U.S. consumers in major cities is up more than 15% compared to two years ago, fueling a rapid economic recovery that remains on fragile footing as we’ve entered 2022.
Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later.
One driver of this increased traffic could be ongoing supply chain challenges and shipping delays, which are resulting in consumers shopping earlier to ensure their gifts arrive on time.
The company reported third-quarter earnings of $6.4 million for period ended September 25, 2021. Net sales were $89.3 million—up 27% from third quarter 2020.
