Builder confidence in the market for single-family homes in September increased 5 points to 83 on the monthly NAHB/Wells Fargo Housing Market Index.
Now, there's a new hurdle — fast-rising prices for lumber due to the Covid-19 crisis and the raging fires in the West. All three of the index's components rose to record highs. Current sales conditions rose 4 points to 88. Sales expectations in the next six months increased 6 points to 84. Traffic of prospective buyers increased 9 points to 73.
"Historic traffic numbers have builders seeing positive market conditions, but many in the industry are worried about rising costs and delays for building materials, especially lumber," said NAHB chairman Chuck Fowke, a homebuilder from Tampa, Florida. "More domestic lumber production or tariff relief is needed to avoid a slowdown in the market in the coming months."
Maybe GavinNewsom will announce a program to reprocess ash into lumber.
'While housing demand is incredibly strong, builders continue to be dogged by a lack of skilled labor and finished lots.' How could there be a lack of skilled labor?
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