Source: MPA —
The meteoric spike in US lumber priceshas driven the price of an average new single-family home to soar by $35,872, data from the National Association of Home Builders (NAHB) revealed.
Lumber prices have tripled in the past 12 months, with framing lumber reaching roughly $1,200 per thousand board feet-up as of the week ending April 23, according to Random Lengths. That is a 250% hike from April 2020, when the price was just around $350 per thousand feet. Like lumber, other building material prices have been steadily increasing since last year and are in short supply as well.