The skyrocketing cost of building a home in Albuquerque

(Transcript Snippet): “Tracy: Right. But what we do know too, is there are a lot of new neighborhoods. We have a lot of new homes available right now and coming and a lot of new neighborhoods that they have now got ready, that they’re ready to start building. And it’s in all areas of town. Right. We know that they’re still building by the base you know, at the end of one to bow by the Kirtland air force space and [inaudible]. Yep.
Tego: Yeah, no, there’s a lot in the pipeline and there’s definitely new construction. I, I will say. And I, I mean, this isn’t anything about the builders. It’s just, people are going to have sticker shock on what things are, because I just saw a study the other day, where they looked at a building costs in the last year, about 22% increase in just the cost of materials to build a new right.
Tracy: And you know, we’ve talked about it on the show, the cost of materials that jumped way up, especially lumber, stucco, concrete, whatever.
Tego: Well, everybody talks about lumber. Cause that’s, that’s the
Tracy: Commodity that goes on the commodities exchange that they can really track. What really well,
Tego: Here we go. Tracy. Here’s okay. So you have a chart. I’ve got a step for that. I didn’t even know that. No. So, okay. So we were talking about lumber, right? Lumber, 115%. Everybody kind of knows that story, but everything steel aluminum up 27% windows doors up 13% flooring up 8% appliances up 8% concrete up 10% brick stucco up 11% drywall up 14%. I’ve heard that one drywall
Tracy: Framing block up 36%,
Tego: 36%. So, you know, anything that’s concrete stucco that stuff’s gone up quite a bit. Of course, anything that’s wood-based has gone up a bit.
Tracy: This is a year over year, raw material and labor cost. So we know labor has also gone
Tego: Up. Yeah. So just to bring that back to the, the positive is there are a lot of new home construction options out there for folks right now. And you know, there, it’s just, the, the prices are higher. That’s just the way,
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888