If you’re considering building a new construction home in Las Cruces, 2023 is the year to do it! For the last several years, people have been holding off on building the home of their dreams because of the cost of construction materials. However, despite ongoing inflation problems, many construction materials are expected to be more affordable in 2023 than in recent years.
So, if you want to know more about why 2023 is the year to build your dream house, you’ve come to the right place.
Are Construction Costs Really Going Down in 2023?
As with the weather and the stock market, it’s tough to predict the construction industry with 100% certainty. However, all signs point to a slow but steady decrease in the cost of construction materials in 2023, making this year the optimum time to start building a Lax Cruces home. Contact us for more information about current and future construction prices.
Why are Construction Costs Expected to Decrease in 2023?
While inflation rates haven’t necessarily gone down, they have stopped increasing. Additionally, the recent spike in inflation was mostly due to the pandemic, supply chain issues, and a limited workforce. Inflation should decline or level out as those things return to normal.
Decrease in Basic Building Supplies
Many construction materials are beginning to drop in price again as things return to normal after the Covid-19 pandemic. Take lumber, for instance. Before the Covid-19 pandemic, lumber cost an average of 30 cents per foot. During the pandemic, lumber costs more than quadrupled, and the average cost was $1.50 per foot. However, lumber is finally down to nearly pre-pandemic prices, and the same holds true for PVC, copper, and other essential building supplies.
Supply Is Keeping Up with Demand
In addition to inflation, Covid also wreaked havoc on the global supply chain. It took months, rather than days, for building supplies to get delivered to job sites and warehouses. On top of that, more people were needed to produce enough building supplies to keep up with the demand. However, with the pandemic over, supply is finally keeping up with demand.
In addition to supply keeping up with demand, there isn’t nearly the labor shortage that we were experiencing during the pandemic. This allows for faster, cheaper and easier home production.
What to Do When Construction Costs Decrease
With construction costs decreasing, let this be the year to build your dream home. At Villa Custom Homes, we offer beautiful, custom new construction homes at an affordable price, regardless of the economy. We’ll even help you budget and plan accordingly to ensure that your new construction home is everything you want it to be. Contact us online or call (575) 650-7377 for a quote and to learn more!