Labor, Building Material Shortages Depress U.S. Single Family Housing Stats

U.S. single-family homebuilding fell for a second straight month in August as builders continued to struggle with shortages of materials and labor, suggesting the housing market could remain a drag on economic growth in the third quarter.

The report from the Commerce Department on Tuesday also showed the number of houses authorized for construction but not yet started raced to a record high last month, a sign of reluctance by builders to take on new projects.

Builders' inability to ramp up the production of single-family homes amid a massive housing shortage is driving up prices and keeping some first-time buyers from the market.

Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.

https://www.reuters.com/world/us/us-housing-starts-beat-expectations-august-2021-09-21/

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