Cost to Build a New Home is Increasing
Building material cost increases lead to higher home prices
Construction forecast analysts predict that new home costs will rise by as much as 5% this year, driven by price increases that can't be held back - and new home builders are already seeing increased costs for building supplies that will impact the prices they will need to charge for the homes they build.
Manufacturers all over the world have steadily been raising prices on products used throughout the construction process, such as*:
- · Fuel
- · Drywall
- · Roofing
- · Windows
- · Siding
- · Aluminum
- · Vinyl
- · Lumber
Home builders across the nation are raising prices due to these rising material costs.
Stanton Homes is working in partnership with our building suppliers to keep costs down as long as possible. But world-wide conditions regarding raw materials such as petroleum products, steel, wood and composites are hitting our suppliers hard - and there are many costs our suppliers cannot control.
This graphic shows just one example of essential products increasing in cost.
*These price increases are detailed in the Producer Price Index, Bureau of Labor Statistics, US Department of Labor, Federal Reserve Board, Census Bureau, and new home builders are receiving letters with price increases that continue to go up every month.
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