New home prices up during COVID-19 pandemic
NEW MARKET -- The COVID-19 pandemic is increasing the price of a new home. Due to the pandemic, materials cost more to procure. Its also tough to get a good deal on land. Low mortgage rates are also contributing to higher prices. “What’s happened over the last, let’s say, nine to 12 months, is that people kept buying and inventory was being shortened up," says Pete Ryan, owner of Ryan Legacy Builders. "Because of the supply and demand aspect, materials went up.” Ryan says lumber costs a...
Source: wbal.com