New home construction in Philadelphia, Pa., Wednesday, Nov. 17, 2021. LOS ANGELES —
Meanwhile, the supply chain bottlenecks have led big builders to build up a backlog of home orders that they won’t be able to deliver until next year. The global supply chain disruptions, rising inflation and a shortage of skilled labor, led to construction delays and uncertainty that forced many big builders to pump the brakes on the number of homes they put up for sale. As a result, many builders have seen their backlog of home orders they have yet to deliver on swell.
During a recent conference call with analysts, builder Taylor Morrison Home said it continues to see random building product shortages across the country and anticipates they may continue next year. Homes nationally are selling within days of being put up for sale. In October, more than 80% of previously occupied U.S. homes sold after being on the market for less than a month.