As jobs come back across the U.S., people who were renting may find themselves able to take out home loans, adding more buyers to an already competitive market. Some experts have predicted the housing shortage will continue for years before self-correcting.
While building slowed during the pandemic, construction cost both labor and materials soared. Many of the price rises were a result of worker shortages and disruptions in supply chains for commodities and raw materials. The price of lumber, as one example, rose by more than a third. Costs continue to be high, compounded by a shortage of skilled labor.
The housing shortage that began before the pandemic will stick around for a long time as market demand soars, Taylor Morrison CEO Sheryl Palmer told CNBC on Wednesday.
With “multiyear lows” in new and resale inventory, Palmer said, “it’s going to be very difficult for us to make up the shortage, the deficit that we’ve been building up for more than a decade now.
Earlier Wednesday, the Mortgage Bankers Association’s seasonally adjusted index showed that mortgage demand decreased for the second in a row this week., dropping by 1.8% to their lowest level since the beginning of 2020. Home purchase applications and mortgage applications to refinance a home both dropped for the week, even though mortgage rates dipped.
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