According to a recent article on Weekly Real Estate News, construction costs accounted for a significant portion of the average sales price of a new single-family home in 2022. The article highlights the following key points:
– Construction costs constituted three-fifths of the average sales price for a new single-family home.
– The ratio between construction costs and the sales price showcases the impact of rising construction expenses on the affordability of residential properties.
– The article does not provide specific details about the reasons behind the increase in construction costs or how it may affect the housing market in the future.
For more information, you can read the full article titled “Guest Opinion: The Richmond Fed and the Housing Challenge” on the Weekly Real Estate News website.
You can read this full article at: https://wrenews.com/guest-opinion-the-richmond-fed-and-the-housing-challenge/
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