We’ve been asking building product dealers about supply bottlenecks for several months. Seems like status quo holding for now (not getting better, but also not getting worse). Labor & logistics remain the biggest concerns, see survey commentary to follow…
“All beam products, glass faced gypsum products, windows, & interior trim products continue to tighten.”
“Lumber & engineered wood supply appears to be improving but steel supply remains a concern.”
“Assembly & plant-based positions are the toughest to fill. Keep seeing high turnover on the plant floor.”
“Difficult to find employees for both truss design & production.”
“Primary challenges are lack of labor & trucking issues.”
“Seeing longer delays on trucks & containers.”
“Still facing several issues, including international shipping, domestic freight, labor shortages, & natural disasters.”
“Drivers with commercial driver’s license are hardest to fill in our markets.”
“Yard workers & truckdrivers are extremely hard to find.”
“Every position is difficult to fill, especially truck drivers.”
“Struggling to fill entry-level manual labor positions such as yard workers.” END
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Some interesting comments from today's Fed Beige Book on both housing (investors, lot shortages, market normalizing) & labor market tightness (namely continued wage spike).
Monthly pulse of resale housing market still rapid according to 4,500 agents we just surveyed. Top 3 themes: 1) Bit of market normalizing. 2) Skittish sellers fearing nowhere to move. 3) End of travel ban boosting international buyers. Commentary across the country to follow…
#Houston resale agent: “A lot of people are not listing because they don't know where they are going next. Seems that many people listed too high even for a sellers' market, so I am seeing more price reductions now than earlier in the year.”
#Orlando resale agent: “Our buyer pool is increasing. We see more buyers from the north connecting with us as they plan to visit the area from the fourth quarter to the first quarter of next year.”
Over the last few months I’ve spoken with dozens of real estate & mortgage industry executives, trying to gauge what impact (if any) #crypto is having on the #housing market. Here’s what I’ve concluded. (1/) realestateconsulting.com/bubblicious-cr…
The number of home buyers w/documented crypto accounts has risen from ~0% one year ago to between 5% & 10% today. Platforms such as @coinbase $COIN were noted most often in my conversations, with $BTC & $ETH common plays. (2/)
It's more difficult tracking the % of home buyers using crypto gains towards the down payment on a home purchase. Most mortgage lenders & home builders estimate ~5% or less. However...(3/)
Home prices still accelerating through October in majority of housing markets we track. Handful below finally moderating (#Austin, #Boise, #Phoenix, #Seattle, & #DC). Here's #Austin.
Fresh October home builder survey results. Top themes: 1) Builders are finally lifting sales caps (though not all). 2) Lack of lots & land development delays will hold back growth in 2022. 3) Most builders expect prices to keep rising. Market commentary to follow…
#ColoradoSprings builder: “One cautious trend to watch is single-family rental businesses paying more for land than builders. This will suck up trade capacity & supply at a time we can't afford it.”
#Denver builder: “Traffic & sales definitely slowing down, but also following a more seasonal pattern as compared to 2020. Resale inventory is still historically low. Rents are skyrocketing again.”
Some new data & market commentary on who's buying land from our 3Q-2021 land broker survey. Build-for-rent operators snapping up 15% of raw land in #Florida & outbidding home builders on deals across many markets. Couple charts & market commentary to follow...
Here's the chart where we asked land brokers if they've observed build-for-rent operators outbidding home builders on land deals in their market. 46% said 'yes' when we rolled it up nationally, and as high as 77% in the Southeast.
#Phoenix land broker: “A lot of speculators in the build-for-rent space that are tying properties up & going through entitlement process, then flipping the property for an increased price. Equity requirements for the build-for-rent projects are getting larger.”