A lumber shortage amid a red-hot housing market has caused the price of single-family homes to jump approximately $36,000 since last April, a new study finds. The analysis, from the National Association of Home Builders (NAHB), emerges as lumber prices in April skyrocketed 250% year over year. The lumber price hike has also added $13,000 to the market value of an average new multifamily home, translating to households paying an additional $119 a month in rent on a new apartment. It’s not just lumber prices on the rise. Per NAHB, other building materials have been “steadily rising since 2020” and are “in short supply.” “This unprecedented price surge is hurting American home buyers and home builders and impeding housing and economic growth,” said NAHB Chairman Chuck Fowke, a custom home builder from Tampa, Fla., in a statement.
Source: fox4kc.com | FOX 4 – WDAF
