What’s Happening in New Construction
The shortage of lumber and micro chips along with a shortage in skilled trades means there is plenty to talk about when it comes to the new construction segment of the residential real estate market. In our discussion with the CEO of the SE Michigan Homebuilders Association, we discuss what is behind the shortage of materials that has driven the cost of lumber up which has home prices up over $12,000-$24,000 on an average home. Beyond lumber there are other materials in short supply and all this is impacting the number of homes being built and permits being pulled for new homes. We also talk about what the timeline looks like today for a new construction home to be built and what the future holds for new construction.
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