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  • Skyrocketing Lumber Prices Add Nearly $36,000 to the Price of a New Home

    Tuesday, May 4, 2021   /   by Adam Donaldson

    Skyrocketing Lumber Prices Add Nearly $36,000 to the Price of a New Home

    Article originally posted on nahbnow.com on April 28th, 2021

    Soaring lumber prices that have tripled over the past 12 months has caused the price of an average new single-family home to increase by $35,872, according to new analysis by the NAHB Economics team. This lumber price hike has also added nearly $13,000 to the market value of an average new multifamily home, which translates into households paying $119 a month more to rent a new apartment.

    These unprecedented lumber price hikes are attributable to the following factors:

    • Many mills reduced production last spring due to stay-at-home orders and social distancing measures enacted by state and local governments at the onset of the coronavirus pandemic.
    • When it became clear in the ensuing months that housing weathered the storm much better than predicted and demand remained strong, lumber mills did not ramp up production accordingly. 
    • And more
    Click on the link below to see the full article and Why the lumber prices are rising: Link
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