Skyrocketing lumber prices have added $35,872 to the average price of a new single family home, according to an analysis by the National Association of Home Builders.
The spike in lumber prices, up 250% compared with April 2020, has added nearly $13,000 to the market value of an average new multifamily home, translating to an additional $119 a month to rent a new apartment.
"This unprecedented price surge is hurting American home buyers and home builders and impeding housing and economic growth," NAHB Chairman Chuck Fowke said in a statement.
Lumber prices in late April were $1,200 per thousand board feet. In April 2020, lumber costs were recorded at $350 per thousand board feet.
Read Next
