Inman Connect
Housing markets across the U.S. are booming with high demand and low inventory, and it’s sent land prices into a frenzy.
Land is a hot commodity right now, as the lack of homes for sale continues to push affordable housing out of reach for many first-time homebuyers and low-wage workers.
According to a report by the National Association of Realtors (NAR), the U.S. fell short of an estimated 5.5 million new units from 2001 to 2020 compared to 1968 to 2000. When the housing boom cemented last year, supply began severely underserving demand.
“When housing demand really accelerated in May, June and July of last year with historically low interest rates, the industry couldn’t simply turn on a dime and suddenly build 30 percent more than they were a quarter, or a year ago,” Robert Dietz, a chief economist at the National Association of Home Builders, told Inman.
Inflated Cost of Lumber and Building Supplies Making Housing Unaffordable for Some alabamanews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from alabamanews.net Daily Mail and Mail on Sunday newspapers.
/PRNewswire/ Soaring lumber prices that have tripled over the past 12 months have caused the price of an average new single-family home to increase more.
These Alabama homes won awards for fabulous transformations
Updated 8:49 AM;
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Think your home improvement project is intense? We know of an organization that might beg to differ.
Plenty of us have been building decks, painting walls, planting gardens and changing decor while we’re stuck at home during the coronavirus pandemic. But the folks competing for the 2021 Alabama Remodeling Excellence Awards are working on a whole other level.
They’re remodeling entire houses, top to bottom. They’re breaking down walls, building additions, gutting kitchens and designing lavish outdoor spaces. They’re also working with substantial budgets, sometimes as high as seven figures.