Rising Inflation, Supply Chain All Impacting New Home Construction in U.S.
U.S. single family housing is beginning to soften due to rising mortgage rates and supply chain issues delaying construction projects.
According to The World Property Journal, “Higher mortgage interest rates and rising construction costs are pricing buyers out of the market, and these higher costs are particularly hurting entry-level and first-time buyers,” said Jerry Konter, chairman of the National Association of Home Builders. “Policymakers must address building supply chain disruptions to help builders bring down construction costs and increase production to meet market demand.”