Nat’l Association of Home Builders CEO: Supply Chain a ‘Looming Crisis’ for Housing Market

On Monday’s broadcast of the Fox Business Network’s “Varney & Co.,” National Association of Home Builders CEO Jerry Howard said the “supply chain is going to be a major problem if we don’t get it fixed very soon.” And “It’s a looming, looming crisis.” Howard also stated that we’re looking at an increase in home prices of “at least a few thousand dollars, depending on where you are and what products you’re talking about.”

Howard said, “The supply chain is going to be a major problem if we don’t get it fixed very soon. Everything from lumber, to drywall, to concrete, to appliances, three, four months delays as the product all sits on the boats in the ports around the country. It’s a looming, looming crisis.”

He added, “Obviously, time is money, and the longer it takes, the more it’s going to add to the price of the house. Right now, we’re looking at at least a few thousand dollars, depending on where you are and what products you’re talking about. So, it’s — housing affordability is a problem, as you just said on the previous report in the rental market. And now it’s getting to be a problem in the first-time homebuyer market. That doesn’t bode well for housing or the economy.”

Follow Ian Hanchett on Twitter @IanHanchett

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