Aluminum, steel, and lumber are all key ingredients to constructing a house. And these ingredients are seeing a soaring price increase. The price of housing materials shot through the roof this summer after tariffs imposed by the White House took effect. Experts are preparing for the long road ahead as the tariffs are likely to worsen.
While luxury housing is not above the fray, construction material is a smaller percentage of the overall cost of a luxury property. Luxury home buyers are also willing to shell out a little more cash to acquire the home they want. Demand for luxury homes has remained strong amid the chaos of rising prices.