The National Association of Home Builders (NAHB) predicts that tariffs will likely push up the cost of building new homes. Jim Tobin, President and CEO of the NAHB, discussed these concerns on "The Daily Report," highlighting the potential impact of tariffs on lumber, steel, and other essential building materials.
Tariffs, which are taxes on imported goods, can increase the prices that builders pay for these materials. This, in turn, could lead to higher prices for new homes, making them less affordable for potential buyers. The NAHB is actively working to educate policymakers about the potential consequences of tariffs on the housing industry.
CBS News also explored the public's concerns about tariffs, with journalists Jill Schlesinger and Kelly O'Grady addressing common questions from Americans. They explained how tariffs work and how they can affect the prices of everyday goods, including those used in home construction. The long-term effects of these trade policies on the housing market remain uncertain, but industry leaders are urging careful consideration to avoid negatively impacting affordability and growth.
Home Building Costs Expected to Increase Due to Tariffs
The housing market faces potential price increases as tariffs impact the cost of building materials. The National Association of Home Builders anticipates that ongoing trade policies could lead to higher prices for new homes. Industry experts are closely monitoring the situation and its potential effects on affordability for homebuyers. Understanding the implications of tariffs is crucial for both builders and consumers navigating the current housing landscape.
Source: Read the original article at CBS