"Builder confidence in the market remains strong due to a lack of resale inventory, low mortgage interest rates and a growing demographic of prospective home buyers," said NAHB chairman Chuck Fowke.
Regulations imposed by all levels of government account for $93,870, or 23.8 percent of the current average sales price ($397,300) of a new single-family home.
Housing affordability weakened slightly during the first quarter of 2021 as rising material costs and supply shortages along with expected increases in mortgage rates stemming from a growing economy are likely to exacerbate affordability challenges in the year ahead.
NAHB released the survey results, which highlights how the pandemic affected remodelers' businesses, to kick off National Home Remodeling Month in May.
Soaring lumber prices that have tripled over the past 12 months have caused the price of an average new single-family home to increase by $35,872, according to new analysis by the National Association of Home Builders.
Sales of newly built, single-family homes rose 20.7 percent from an upwardly revised February number, to a 1.02 million seasonally adjusted annual rate.
The latest National Association of Home Builders/Wells Fargo Housing Market Index released shows that builder confidence in the market for newly built single-family homes rose one point to 83 in April.
NAHB is asking home builders to set aside a few minutes during the week of April 19 to share resources with their workers and trade contractors about COVID-19 vaccination.
