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Lumber Price Surge Impeding Housing Growth, NAHB Says

WASHINGTON, DC — Soaring lumber prices that have tripled over the past 12 months have caused the price of an average new single-family home to increase by $35,872, according to new data compiled by the National Association of Home Builders.

“This unprecedented price surge is hurting American homebuyers and home builders, and impeding housing and economic growth,” Chuck Fowke, chairman of the Washington, DC-based NAHB, which also said that other building material prices have been steadily rising since 2020 and, like lumber, are currently in short supply.

During the price runup, NAHB has been monitoring lumber prices and their impact on the housing market, while petitioning government officials to intervene on behalf of the nation’s home builders. In February, the NAHB reported that rising prices had added $24,000 to the price of a new home. Last August, rising prices resulted in the average price of new single-family homes to increase by $16,000, the association said.

“These lumber price hikes are clearly unsustainable,” said Fowke. “Policymakers need to examine the lumber supply chain, identify the causes for high prices and supply constraints and seek immediate remedies that will increase production.”

 

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