Increasing costs and declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers.

Detached single-family homes listed in the Chicago area are selling faster than ever, spending an unprecedented average of 53 days on the market in April, according to a report from the Mainstreet Organization of Realtors (MORe).

Special questions added to the National Association of Home Builders’ monthly builder survey found 90% or more of respondents had experienced shortages of plywood, oriented strand board, framing lumber and appliances, with most other materials also hard to come by.

The COVID pandemic has caused a shakeup in where, and how, many people work. That has helped propel a thriving housing market.

Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.

“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices.” — MBA Associate Vice President of Economic and Industry Forecasting Joel Kan

Existing-home sales slid for the third month in a row in April, declining 2.7% from March to a seasonally adjusted annual rate of 5.85 million, according to the National Association of Realtors.

A recent NAHB survey shows that regulatory costs imposed by the government account for $93,870 (or 23.8%) of the current price of new homes.

Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.

Whether they’re still weary of going to a gym full of people or just looking to work off those extra pandemic pounds in privacy, homebuyers are increasingly prioritizing home exercise rooms.

In Chicago, the median sales price of a single-family home jumped 16% on a year-over-year basis to $303,500, the NAR said, citing its quarterly report. 

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan

The mentee will receive training in day-to-day business operations, such as marketing, appraisal, IT and financing. They’ll also attend live events and mentorship meetings.

The 2021 REACH recipients have collectively raised more than $700 million in capital, employ more than 125 people and represent a valuation of more than $1 billion.

“There is a lack of resources available to people who may have lived in a certain community their entire life…we were not educated on the financial vehicles available to us.” — CAR President Nykea Pippion McGriff

“One year into the coronavirus pandemic, it’s clearer than ever that this event did not dampen the enthusiasm for homeownership at all.” — MORe CEO John Gormley