Home builders have the spirit to bring more homes online and the motivation that comes from unprecedented demand. But they lack one essential component – the supplies to get it done. According to a recent survey conducted by the National Association of Home Builders, nine out of every ten home builders say they have faced some kind of shortage in the construction process including missing appliances, framing lumber, plywood and more.
Eighty seven percent of respondents say they have experienced shortages of windows and doors as well. As a result, they’re searching for alternatives to things like wood paneling, ceiling joists and pipes.
Demand for new homes has surged over the last year and shortages have ensued. Factories have also faced labor issues because of the coronavirus, slowing down the production of needed construction materials.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 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 (877) 700-0942 and your questions may be featured in an upcoming article.
