Nationwide, new home sales increased in September 2021, the latest data on new home construction sales from the U.S. Census Bureau shows. But in the Triangle, the ratio of would-be home buyers to available homes is still out of balance.
IDENTIFICATION, LAWRENCE’S BOYFRIEND IS NOW CONSIDERED A PERSON OF INTEREST IN HER DEATH. >>> THE CURRENT HOUSING MARKET HAS BUILDERS BEGGING FOR SUPPLIES AND BUYERS ON EDGE, BUT JUST HOW OUT OF BALANCE IS THE MARKET? IN A NEW REPORT ON WRAL TECH WIRE, THAT SAYS A BALANCED WAKE COUNTY MARKET WOULD HAVE 19,000 PROPERTIES FOR SALE, RIGHT NOW, FEWER THAN 1000 HOMES AVAILABLE, NEW OR OLD. WRAL’S, MATT, SPOKE WITH EXPERTS TODAY, ABOUT WHY SO FEW OR ARE FOR SALE AND WHAT IT MEANS FOR BUYERS AND BUILDERS. MATT? >>> DEBORAH, BUILDERS ARE NOT IMMUNE TO THE SUPPLY CHAIN ISSUES WE HAVE TOLD YOU ABOUT FOR MONTHS, FIRST FOR THEM, IT WAS THE FRAMING MATERIAL, SO ALL OF THOSE WOOD BEAMS AND BOARDS THAT WOULD GO INTO THE FRAME OF A HOUSE. THEN, IT BECAME A LONGER AND LONGER LIST OF ITEMS THAT ARE NOW ON BACK ORDER, THEY GO INTO MAKING A HOUSE LIKE THIS A HOME. >> THEY LITERALLY CAME OFF THE TRUCK THIS MORNING. >> BUILDER, RICHARDS CREWS ARE FINALLY GETTING BACK TO WORK WHEN THIS CUSTOM HOME IN WAKE FOREST. >> WE HAVE BEEN SITTING FOR ABOUT FOUR WEEKS WITHOUT BEING ABLE TO DO ANYTHING ELSE FOR THE HOME. >> THE WAIT FOR WINDOWS IS THE LATEST PAIN IN THIS SUPPLY CHAIN FOR NEW HOME CONSTRUCTION. >> IT HAS BEEN MANY ITEMS IN THE CONSTRUCTION PROCESS. >> THAT IS SLOWING DOWN DELIVERY OF NEW HOMES, HE SAYS THIS ONE SHOULD AND READY FOR A FAMILY TO MOVE IN NEXT MONTH. NOW, IT IS LOOKING LIKE A FEBRUARY FINISH. >> WE WILL PROBABLY PRODUCE HALF THE HOMES WE NORMALLY WOULD THIS YEAR, AND ACTUALLY BE ABLE TO CLOSE ON THEM THIS YEAR THEN WE WOULD BECAUSE OF THE SUPPLY CHAIN ISSUES. >> JASON PARKER LEARNED FROM BUILDERS THAT SOME SUPPLIES LIKE GARAGE DOOR OPENERS, ARE DELAYED ALMOST A YEAR. >> WORST-CASE, IN A NORMAL ENVIRONMENT, IN A NORMAL HOUSING ENVIRONMENT, THE BUILDERS, 11 MONTHS IS ABOUT THE MAXIMUM THAT THEY WOULD PLAN FOR IN DELIVER A FULLY FINISHED PROJECT. >> THAT SUPPLY CRUNCH IS CONTRIBUTING TO HIGHER COSTS, THE MEDIAN SALES PRICE FOR A HOME IN WAKE COUNTY WAS $410,000 IN SEPTEMBER. THAT IS A 20.6% INCREASE IN A YEAR. PARKER SAYS MANY BUILDERS ARE WAITING TO PUT HOMES ON THE MARKET, UNTIL THEY ARE FINISHED, BECAUSE THE COSTS OF CONSTRUCTION DELAYS ARE ADDING UP. >> NOT THAT BUILDERS ARE TRYING TO INCREASE PRICES, UNFAIRLY OR UNJUSTLY, BUILDERS ARE RESPONDING TO THE MARKET CONDITIONS, ADVICE FOR BUILDERS LOOKING TO BUY A NEW HOME OF THEIR DREAMS. >> HURRY UP AND WAIT. JUST BE PATIENT, BE PATIENT WITH THE BUILDER, BE PATIENT WITH THE SUPPLIERS. >> THESE BUILDERS ARE STILL OUT HERE IN THIS NORTH RALEIGH NEIGHBORHOOD TONIGHT, YOU CAN READ MORE ABOUT HOW THE POPULATION, JOBS AND SUPPLY CHAIN ARE ALL CONTRIBUTING TO THIS HOUSING CRUNCH FOR NEW
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