One of the prime factors behind high real estate prices is the lack of inventory. And one of the prime factors behind the lack of inventory is the shortage of construction workers. this includes home framers, masons, carpenters, electricians and others.
It is estimated that 900,000 single-family homes will be built in2018 while 1,200,000 are needed to meet demand.
Besides slowing the rate of construction, a lack of workers also means higher costs as subcontractors are increasing their rates by as much as 10 percent this year alone.