Home building materials have long been a staple of the American lifestyle, but it appears the American dream may soon be on the line as home construction and home improvement prices continue to plummet.
According to a recent report from Trulia, the home building industry is expected to see its fourth straight year of record declines in 2018.
Trulia’s 2018 report notes that home building materials are expected to lose nearly $1 trillion over the next decade.
The report says that while many companies are trying to revive their businesses, the collapse of the housing market will likely impact every industry.
“As a result of a combination of factors, we believe home construction will continue to shrink in 2018, even as the housing sector continues to grow,” Trulia said.
“In the first quarter of 2018, home prices were up 1.3 percent and construction costs increased by 2.6 percent, both of which are below the national average.
In addition, the share of home buyers who have no plans to buy homes has grown by 4.4 percent, and a third of all home buyers have no intention to buy their first home.”
The report also notes that the housing bubble has not only been a boon for the housing industry, but also the construction industry.
Accordingly, Trulia predicts that demand for home building and home improvements will drop in 2018 to around 5 percent of the market.
Trusted sources of information in real estate:Trulia, a division of the real estate firm Trulia Group, is the largest independent home information company in the U.S. and has been providing home and home remodeling, home improvement, and home renovation services since 2006.
Trullyum’s expert advisors have over 20 years of experience in realtors and home buyers, and they can be reached at [email protected] or by calling 800-727-8816.
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