The U.S. government is implementing new tariffs on imports from Canada, Mexico, and China, alarming homebuilders facing rising costs. The National Association of Home Builders (NAHB) has urged President Trump to exempt building materials from these tariffs, fearing further harm to housing affordability. With the average sales price of new single-family homes projected to reach $665,298 in 2024—up 3.2%—and total construction costs surging by 9.2% to $428,215, builders are experiencing tighter margins. Elevated mortgage rates since spring 2022 have weakened housing demand, pressuring builders to offer incentives to attract buyers.
The National Association of Home Builders urges President Trump to exempt building materials from new tariffs, citing negative impacts on housing affordability amid rising construction costs.
In 2024, the average sales price of new single-family homes has increased by 3.2%, while total construction costs rose by 9.2%, reflecting market pressures.
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