High demand for home products continues to cause supply chain disruptions throughout industries related to real estate. Shortages of appliances, furniture, and building materials are most acute and not expected to ease any time soon.
The problem largely began at the start of the COVID-19 pandemic. Lockdowns—during which time demand soared as many people started remodeling their homes—disrupted supply chains. The shortages also came from foreign suppliers who contribute appliance materials and parts, Gay Cororaton, director of housing and commercial research at the National Association of REALTORS®, told bankrate.com. “The pandemic has impacted production in the U.S. manufacturing plants, as factories have to operate with less workers onsite or on staggered shifts as part of social distancing precautions,” Cororaton said.
Earlier this year, nearly 90% of builders said they were having difficulty securing appliances, according to a survey from the National Association of Home Builders. Some new-home buyers are having to wait out delays or make compromises for appliances. Furniture shortages also abound. The furniture industry has reported delays of four months or longer, according to the Commerce Department.
Paint shortages, which could hamper summer home improvement projects, also are being reported.
Source: “The Other Housing Shortage: Appliances and Furniture,” Bankrate.com (July 20, 2021)