Inflation is impacting the Greenville housing market. | File
Inflation is impacting the Greenville housing market. | File
Inflation is having an impact on Greenville home building and housing prices.
Data released by the National Association of Home Builders (NAHB) reveals that 62% of home builders have increased their prices, 59% are pre-ordering materials, and 20% have abandoned projects altogether due to inflated prices.
NAHB data also shows that 60% of American households cannot afford the median price of a house, which is now $346,577. Greenville home purchases fell by 3% from last year to this July, according to The Post and Courier.
According to a recent Washington Examiner poll, 88% of Americans said they believe inflation will continue to increase during President Joe Biden’s time in the White House, and 83% are concerned or very concerned about it.
In addition, the poll found, 61% of people said they expected inflation to hurt them personally, with the young, the elderly, and middle class households most expected to be hurt.
U.S. Treasury Secretary Janet Yellen currently anticipates "several more months of rapid inflation" and is concerned about the impact on home buyers.
A report by The Center Square said that the price of lumber increased by 300% this spring compared to last year. Lumber prices reached an all time high on May 28, costing $1,515 per thousand board feet.
Greenville ranked 10th in homebuying competition among 52 US metro areas, according to The Post and Courier.
Alerts Sign-up