“It is a very, very difficult situation to be building in right now,” Jonas said.
This spring, builders started to see slower sales, less traffic at model homes, and fewer calls, as mortgage rates kept climbing and the stock market faltered, said Van Osten of the Builders League of South Jersey. But home construction will be “full speed ahead” at least until the fall as builders work through backlogs and sales contracts from late last year and early this year, he said.Developers built a record number of homes in one of Pa.
At the current sales pace, the total number of these homes available for sale would take nine months to sell, according to the association. Supply is up 40% from last year. But with a lack of existing housing supply, more households forming among members of large young generations, and the popularity of HGTV shows that celebrate customization, new construction will continue to be in demand.Following in builders’ footsteps, homeowners are purchasing appliances before they even know who will be constructing or remodeling their homes, said Kieffer of Kieffer’s Appliances.
The “new norm,” he said, is to place temporary appliances in homes just to close deals and move in homeowners while they wait for the appliances they want.
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