New construction of single-family homes continues to rise, with the Commerce Department reporting a 5.3% increase for the first 10 months of this year over 2013. The number of home builders is on the rebound for the first time since the recession.
With average mortgage rates remaining low, the unemployment rate falling, and consumer confidence on the rise, experts predict this upward trend in single-family home construction to continue next year.
As a result of these positive trends in home construction, the cost of building is on the rise. Increased competition has created a high demand for lots, and a shortage of labor and building materials. Demand now outweighs supply in just about every aspect of building a home, resulting in increased costs.
Despite these increased costs, Classic Homes of Maryland is dedicated to maintaining our competitive pricing. However, we anticipate price increases in 2015.
Give us a call at 301-256-4110 to talk to a Sales Manager about locking in our 2014 pricing for your dream home today!