The following is NAR Chief Economist Lawrence Yun’s reaction to this week’s U.S. Commerce Department report on March residential construction:
“A major housing shortage exists in this country. It is therefore disappointing to witness in March the continued lackluster performance in new home building, which was the second lowest activity over the past six months. Home prices have risen by 41 percent and rents have climbed 17 percent over the past five years at a time when the typical worker wage has grown by only 11 percent. To relieve housing costs, there simply needs to be more homes built.”
Bottom Line:
It’s a strong seller’s market. It’s very possible that the perfect home that you finally found has also garnered a lot of interest from other buyers. A new build is the perfect option. Visit my New Build Search to find your new home. Give me a call for additional information – J.P. Cook – 602-320-4253.