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Lumber prices also dropped by 5%, while costs for exterior finishes (+4%), electrical components (+9%), appliances (+7%), and insulation (+3%) continued to rise.
Despite the positive trend, project infeasibility, economic uncertainty, and construction financing availability remain significant factors in construction delays.
“Supply chain constraints, still high labor and material costs, and complex and expensive regulatory barriers continue to restrict the development of badly needed housing,” said NMHC president Sharon Wilson Géno.
Wilson Géno urged policymakers to focus on enacting policies that support increased housing development to address the supply chain constraints, high labor and material costs, and regulatory barriers.
“With policymakers of both parties and all levels of government increasingly understanding the need for more housing, now is the time to enact policies that will increase supply,” she said, “including improvements to the low-income housing tax credit (LIHTC), middle-income housing tax credit, improving and expanding the Section 8 Housing Choice Voucher program and passing zoning reforms.”
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