"We saw a notable increase in our costs to build a home when comparing pre-COVID and post-COVID, specifically with commodities like lumber. The labor costs remained about the same, but it was the materials costs that showed the largest change." - Ryan Meagher, BVM Contracting
According to an analysis from research firm Apollo, the median, newly built single-family home is about 2,150 square feet, down 12% from a 2016 peak of 2,500 square feet, even as prices soared to 1.5 times what they were in 2016.
Matt Saunders, senior vice president of building products research at John Burns, noted that almost every housing market in the country was overpriced because of how much home prices rose during the pandemic followed by a run-up in mortgage rates.
About a quarter of new homes were downsized to cut costs, as builders attempted to counteract the rising prices driven by increased construction costs and material shortages.
Collection
[
|
...
]