Stacks of lumber are offered for sale at a home center on April 05, 2021 in Chicago, Illinois.
Scott Olson | Getty Images
As the housing market gets leaner, potential buyers are turning in record numbers to new construction, but several factors are making those homes pricier than ever before.
First is a major shift in the market’s composition due to the record shortage of existing homes available. One in four homes for sale are now newly built, the highest share ever. Historically new homes make up about one in 10, but fierce buyer competition is behind that shift. Prices for both new and existing homes are now at record highs.
But it is not just competition fueling new home prices, it is…