While the market needs more housing, chronic production bottlenecks, including ongoing price increases for lumber and OSB, continue to raise housing costs and harm housing affordability, according to a new report from National Association of Homebuilders (NAHB).
"In fact, the number of single-family homes under construction continues to rise as construction cycle times increase due to delivery delays with building materials," its Chairman Jerry Konter said in prepared remarks.
With builders continuing to report supply chain problems that are causing construction delays, overall housing starts decreased 4.1% to a seasonally adjusted annual rate of 1.64 million units, according to a report from the US Department of Housing and Urban Development and the US Census Bureau.
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