Housing expected to remain competitive as builders remain short-handed

Housing expected to remain competitive as builders remain short-handed

Housing expected to remain competitive as builders remain short-handed
The housing market has been burdened by a chronic shortage of homes for quite some time now and a new report finds that the future doesn’t look much brighter. According to the Home Builders Institute, the construction industry is facing a staffing shortage to the tune of 200,000 workers.

Polls show that builders are citing the shortage of workers as among the biggest challenges to getting to properties on line. Regulatory burdens and skyrocketing lumber prices were the only areas deemed to be more of an issue than the worker vacancies.

While raising wages may help attract more talent to the industry, it is likely that builders will pass that expense on to home buyers.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.