Builders: New Home Prices Are $14K Higher Due to Lumber Cost
Source: https://magazine.realtor/daily-news/2020/08/25/builders-new-home-prices-are-14k-higher-due-to-lumber-cost?AdobeAnalytics=ed_rid=2087701&om_mid=3062|RealtorMagNews_2020_08_25&om_nytpe=REALTOR%20MAG%20NEWS
A recent spike in softwood lumber prices is contributing to the increased average price of a new single-family home, the National Association of Home Builders reports.
New single-family homes have increased by an average of about $14,116 since April 17, according to the NAHB, and new multifamily homes have increased $5,322 over the same period.
“Without increased domestic production and reductions in Canadian tariffs on softwood lumber, these higher input prices will slow the market,” the NAHB cautions.
Softwood lumber is used throughout the construction of a new home, including within its structural framing—beams, joists, headers, rafters, and trusses—as well as in flooring and underlayment, interior walls and ceiling finishing, cabinets, doors, windows, roofing, siding, and exterior features like garages, porches, decks, railing, fences, and landscape walls.
The NAHB estimates that items in a home that require lumber, and what’s used throughout the construction process, could mean buyers see prices increase an extra 19.2%.
The median new-home price in June rose 5.6% to $329,000 compared to a year ago.
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