Property Developer on High Raw Material Costs

Houses have never been more expensive. They’re up 20 percent in just one year. Lower mortgage rates have given people more purchasing power, naturally pushing prices up. But low inventory could be an even bigger factor. There are 20 percent fewer homes on the market than this time last year.

Property developer Ken McElroy has invested over $750 million in real estate and currently has over $1 billion of assets under his management. NTD asked him if high raw material costs, like expensive lumber, are discouraging developers from building.

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