April 19, 2024 9:37 pm
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Lumber prices, supply shortages putting squeeze on Valley home prices

By Paul Maryniak | The Mesa Tribune

As if low inventory wasn’t exerting enough pressure on home prices, two new trends are apparently adding to the surge – particularly for new houses.

The National Association of Homebuilders and the National Association of Realtors said a lumber shortage is accelerating the cost of new home construction while there also is a rising demand for larger houses – partly as the result of more stay-at-home and work-from-home time created by the pandemic.

“While the market remains solid, median home prices are increasing due to higher building material costs, most notably softwood lumber, and a shift to larger homes,” said Robert Dietz, chief economist for the National Association of Home Builders.

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