Home construction in Houston is ramping up and homebuilders are trying to keep up! Luke Fry of Architecture and Construction Firm Sun Collective agrees. "It's crazy! It's crazy. I know guys who are putting homes up who are fielding multiple offers on them before they are finished with construction." Fry says there are two main reasons for the boom. "There is such high demand right now, with very low supply. 1) Fantastic interest rates. 2) With Covid - everybody was staying home, looking around at their house and thinking, 'hmmmm, we can do better!' "
Skyrocketing Lumber Costs Driving Up New Home Prices`
Fry says this is a demanding time for his group. "It has been a little bit of a challenge because there is such a high demand. But that can only be good for the economy as a whole." He says housing prices may rise, though. "One of the problems we are having with our builds is that all of our projected labor costs and 10% to 15% higher than we originally anticipated.
Texas real estate experts expect the construction pace to continue for a while.
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