Home building has been rising rapidly in St. Louis, but the availability of labor and, especially, rising mortgage rates put the future of the area’s housing market in question.
The number of home construction permits and amount of hours worked by carpenters are up over last year. But builders wonder whether some construction workers will return after long stretches of unemployment sent many of them looking for other careers. Plus, mortgage rates climbed nearly 1 percent in May and June. Though it’s too early to tell how that rise will affect new home purchases, early numbers suggest higher rates may have taken a small bite out of sales of existing homes nationwide in June.