Harming housing affordability, the cost of softwood lumber, steel, aluminum and other imported materials and equipment are rising, exacerbating proce volatility and driving up housing costs. Uncertainties within the production process and when supplies will be available to complete homes in a timely manner are making this rise in costs worse. Whether or not the homes will appraise at the correct price to reflect these rising costs is another key concern. According to the National Association of Home Builders (NAHB), Supply and Demand: As demand for building materials increases, particularly…
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Is Engineered Quartz the New Granite?
Natural stone countertops are losing popularity amongst other popular kitchen countertop materials, as reflected in Houzz’s 2024 Kitchen Trends Study. In this study, United States homeowners currently or just completed updating countertops, or remodeling their kitchen were surveyed to gather such data. “Engineered quartz has notably increased in popularity as a countertop material, rising by 4 percentage points compared with the previous year,” the study shared. The rise comes after quartz being favored by 42% of respondents in 2022 and 2023. The jump to 46%, though not significant, has the…
Read MoreBuilding Material Prices Continue to Rise in March
According to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics, inputs to residential construction, goods less food and energy, increased for the fifth straight month. This index, for inputs to residential construction, goods less food and energy, represents building materials used in residential construction Following a 0.54% increase in February and a 1.25% in January, the non-seasonally adjusted index increased 0.21% in March. The index continues to grow at a faster rate than 2023 as the average monthly change in 2023 was 0.15%…
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