If you need assistance, please call 702-476-0060

Why Las Vegas Builders Can't Keep Up With Housing Demand

Monday, August 2, 2021   /   by Ken Couture

Why Las Vegas Builders Can't Keep Up With Housing Demand

Why Las Vegas Builders Can't Keep Up With Housing Demand.png
When lumber prices soared to nearly $ 1,700 per thousand board feet this spring, it sent shock waves through the residential construction industry.

“The lumber line item is the largest number in the brick and mortar of the house budget, and to have that go up over 300% in a 12-month period was unheard of and very concerning,” said Nat Hodgson, CEO of Southern Nevada Home Builders Association and executive director of HomeAid of Southern Nevada. “With the volatility and unpredictability of pricing, builders had a set price per lot they anticipated years ago when they decided to move forward with that product, and by the time they ordered the lumber, it was anywhere from $15,000 to $90,000 more than they had in the house budget.”

It has since fallen back to pre-pandemic levels, but its impact is nonetheless shocking, and the direct effects could be felt in the Southern Nevada housing market for some time.

Hodgson spoke with Vegas Inc about the impact of the pandemic on housing, housing trends in the valley, and water supply, among other topics.

Our industry and our association are constantly evolving. We are working harder than ever to educate policymakers at all levels about their impact on home prices. As we face record increases in lumber, raw materials, and labor costs, any increase in additional fees, new regulations, or processing delays. The management of the city only makes the supply and demand factors more difficult. Many, if not all, entities, utilities, and departments have moved to online processing, which has increased our cycle times. In some cases, what used to take hours at the counter is now taking one to two weeks.


Follow us on:

FB: Ken Couture Realty Your Home Sold Guaranteed

IG: @kencouturerealtylv

Twitter: Ken Couture

Pinterest: Ken Couture

LinkedIn: Ken Couture Your Home Sold Guaranteed

 

Contact us at:

Ken@CoutureRealtyLV.com

702-476-0060

Couture Realty
Ken Couture
8367 W Flamingo Rd Suite 101
Las Vegas, NV 89147
702-476-0060

UP5DB701E1507748.jpgThe data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. The information being provided is for the consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. GLVAR MLS deems information reliable but not guaranteed. Copyright 2021 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
This site powered by CINC: www.cincpro.com