Summerlin, the suburb of west Las Vegas creeping ever closer to the mountains, looks to be crowded with fully paved streets, streetlights, block walls, and blue top lots. With lumber, labor, and other materials in short supply, home construction can’t keep up.
However, Ali Wolf, chief economist with Zonda, quoted by CNBC, claims, “The lot supply shortage is real, and it is causing prices to rise and builders to move further into the suburbs.”
Diana Olick writes, “The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multi family home, according to the NAHB.”