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Soaring lumber prices increased new home prices by $18,600
Posted on January 10, 2022 |
- As of December 29, the price of framing lumber was above $1,000 per thousand board feet, a 167% increase from the end of August.
- In the last 4 months, lumber prices have tripled and disrupted the housing market, and harmed the housing affordability in which average new single-family home prices exceeded $18,600.
- This lumber price shift has added $7,300 to the market value of the average new multifamily home which states households are paying $67 a month more to rent the new apartment.