Housing affordability weakened slightly during the first quarter of 2021 as rising material costs and supply shortages along with expected increases in mortgage rates stemming from a growing economy are likely to exacerbate affordability challenges in the year ahead.
The latest National Association of Home Builders/Wells Fargo Housing Market Index released shows that builder confidence in the market for newly built single-family homes rose one point to 83 in April.
"The increase in lumber prices is forcing our company to delay construction starts, which will only exacerbate the lack of supply in our market," said NAHB first vice chairman Jerry Konter, a home builder and developer from Savannah, Georgia.
The National Association of Home Builders honored five individuals who have excelled in teaching NAHB education courses and who have displayed notable professionalism as NAHB educational designation holders, naming them the 2020 Educator and Designees of the Year.
Rising material costs led by a huge upsurge in lumber prices along with a resurgence of the coronavirus across much of the nation pushed builder confidence in the market for newly built single-family homes down three points to 83 in January, according to the latest NAHB/Wells Fargo Housing Market Index.
Chuck Fowke, chairman of the National Association of Home Builders and a custom home builder from Tampa, Florida, issued a statement after the U.S. Department of Labor issued its final independent contractor rule.