The most recent lumber prices show a continued rise with an over 180% increase since last spring and is heading towards an all-time high. These numbers have led to the average new single-family home cost $24,000 more than it was in April 2020. Lumber prices have been on an upward trend since late October leading to concern over housing affordability and construction cost.

 

The National Association of Home Builders pointed to the shortage of lots and labor that have resulted in limited supply has proven difficult for home builders to overcome. This issue is heightened by the idea that home builders are finding uncertainty in the availability of the supplies.

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