White House to meet housing industry officials to discuss supply shortage

FILE PHOTO: Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina
FILE PHOTO: Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina, U.S., February 29, 2020. REUTERS/Lucas Jackson/File Photo

July 16, 2021

WASHINGTON (Reuters) – The White House will meet with representatives from the housing industry on Friday to discuss a supply shortage that has led to a sharp increase in home prices, according to a White House official.

The meeting will include builders, real estate firms, lumber companies, labor unions and loggers, the official said.

Sales of new U.S. single-family homes fell to a one-year low in May as the median price of newly built houses soared amid expensive raw materials, including framing lumber.

The meeting will also include Domestic Policy Council Director Susan Rice, Secretary of Housing and Urban Development Marcia Fudge, National Economic Council Director Brian Deese and Council of Economic Advisers Chairwoman Cecilia Rouse, the official said.

Details of the meeting were first reported by Bloomberg.

(Reporting by Nandita Bose in Washington; Editing by Steve Orlofsky)