If the pause on President Trump’s tariffs is lifted in 30 days, prices for building materials like lumber could go up and so could housing prices.
HOUSTON — The world’s economy held its breath before new tariffs on Mexico and Canada were paused.
If the pause on President Trump’s tariff is lifted, the trade war will impact prices on many goods, including lumber and other building materials used in the construction of homes.
Before Trump agreed to put the tariffs on hold, the National Association of Homebuilders said softwood lumber and gypsum, used for drywall, are imported from Canada and Mexico.
Steel and home appliances are sourced from China and already subject to existing tariffs.
Those costs will likely be passed on to consumers and could affect the housing market.
“There is concern the rising construction cost could have an impact on the housing supply as well. The good news in Houston is we have a pretty robust inventory compared to other cities in the country,” Theresa Hill, chair-elect of HAR, the Houston Association of Realtors, said.
She said buyers should consider making a move before the pause is lifted.