New home construction does better in Omaha, still faces supply chain issues
OMAHA, Neb. (WOWT) - New home construction has dropped sharply across the country.
It was down about 8% year-to-year in September as mortgage rates jumped.
As we head toward the end of the year, experts tell 6 News the new home construction market here in Omaha is doing better than the rest of the country.
Homes can be seen going up around 180th and Giles in West Omaha near Gretna.
In fact, entire new streets and subdivisions appear to be under construction. They are pretty easy to spot out west with plenty of “for sale” signs and vacant lots about to be developed.
However, Omaha is still dealing with supply chain issues.
Build times are lagging behind. If you are hoping to build a new home in the new year, be ready to wait a long time before you and your family move in.
“We are seeing a minimum of 12 months,” said Greg Frazell from the Metro Omaha Builders Association. “The majority of the time we are seeing in that 14 to 18 month time frame. I do hope to see an improvement in 2023.”
Frazell says the encouraging news is that some of the supply chain issues, plaguing the new construction market, appear to be subsiding.
“So we are seeing an improvement on the beginning products. The availability of lumber is improving in some of that regard. We are still seeing shortages of concrete which would be more of those finished products and then anything in manufacturing is still in a delay: windows, garage doors, appliances. We are seeing longer lead times.”
The best advice? Shop around and find the builder that meets your price point and right size for your family.
Copyright 2022 WOWT. All rights reserved.