Since mid-April 2020, lumber costs for the average single-family home have climbed more than 170%. According to NAHB analysis, this has resulted in an increase of more than $16,000 in the price of a new single-family home. And the average cost increase for a new multifamily unit is approximately $6,107.
These sharp increases threaten the affordability of new homes and the housing sector, which is leading the nation’s economic recovery.
NAHB continues to seek prompt action from the Administration by calling on domestic lumber producers to ramp up production to ease growing shortages and making it a priority to work with Canada on a new softwood lumber agreement that would end tariffs averaging more than 20% on Canadian lumber shipments into the United States.
Recent NAHB Lumber Coverage
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- Fox Business: ‘Only potential cloud’ on the home building horizon is lumber prices, says NAHB CEO (video)
Jerry Howard discusses which factors contributed to home builder sentiment hitting an all-time high.
- Bloomberg: Staggering lumber rally has new homes going for $16,148 more
NAHB Chief Economist Robert Dietz comments on the impact of lumber prices on an already-volatile North American lumber industry.
- Yahoo Finance: Soaring lumber prices may cool red-hot housing market (video)
NAHB CEO Jerry Howard breaks down the latest housing data, as August housing starts dropped 5.1%.
- CNBC: Homebuilder sentiment soars to record high, but lumber prices raise a red flag
NAHB Chairman Chuck Fowke and Chief Economist Robert Dietz comment on the surge of housing demand.
- Bloomberg TV: Rising lumber prices and the state of housing (video)
NAHB CEO Jerry Howard was interviewed on the key challenges facing the industry.
- LBM Journal: Lumber prices continue to weigh on builders
The NAHBNow blog is cited for reporting the sharp price increase has put unnecessary pressure on home owners and builders.
- Yahoo Finance: Staggering Lumber Rally Has New Homes Going for $16,148 More
With the imbalance of supply and demand, volatility in building materials prices have soared. NAHB data is referenced.
- Los Angeles Daily News: Bubble Watch: Could soaring lumber prices hammer housing?
NAHB Chief Economist Robert Dietz is quoted, saying housing’s resurgence could stall as more buyers are priced out of the market.
- Mortgage Professional America: Rising lumber costs driving up the price of new multifamily properties
NAHB says the spike in lumber prices since the beginning of the COVID-19 pandemic is hurting single- and multifamily investors.
- Minneapolis Star Tribune: Why Minnesota lumber prices are going through the roof
The price of lumber has more than tripled since April due to pent-up demand from the spring. NAHB data is referenced.
- The Oklahoman: Lumber prices soar, but building still booms in Oklahoma City
NAHB data is used to explain why lumber prices are rising.
- Housing Wire: Spike in lumber prices boosts construction costs
NAHB Chief Economist Robert Dietz is quoted, saying higher lumber prices are adding about $16,000 to the cost of a new home.
- The Wall Street Journal: Demand for Houses Boosts Home Construction
NAHB data show increasing lumber prices are pushing the cost of building a single-family home up by more than $16,000 since mid-April.
- Associated Press: Oregon houses increase in price as lumber demand skyrockets
NAHB data indicate that lumber prices have more than doubled this year.
- WRAL.com: Piles of lumber are ‘like gold,’ say local builders
According to the National Association of Home Builders, in the last four months, lumber prices increased more than 130 percent. That raised the price of anaverage new single-family home by more than $16,000.
- San Francisco Chronicle: Oregon houses increase in price as lumber demand skyrockets
NAHB data is referenced on the record-high prices for lumber and the direct impact they have on housing affordability.
- Fortune: ‘Severe lumber shortage’ is adding $14,000 to the cost of a new home
NAHB Chief Economist Rob Dietz is quoted on how the rising cost of lumber is impacting home buyers.
- Inforum: Lumber prices spiking thanks to continued strong housing market, DIY boom
NAHB is cited for promoting increased domestic production and reductions in Canadian tariffs on softwood lumber to help avoid a market slowdown.
- Spokane Journal: Lumber Prices Soar in Inland Northwest
The Spokane HBA estimated 200 families in the region are priced out of buying a new home, after sales prices have factored in the increased lumber costs.
- ABC 15 News: Lumber costs leading to a rise in home prices during pandemic, home builders say
NAHB explains that high demand for new homes and low supply of building materials has led to a “staggering” price increase for lumber.
- Financial Times: Lumber prices soar to all-time high on renovation demand
NAHB warns that the record-high lumber prices are threatening the recovery of the U.S. housing market.
- The Tennessean: It’s a seller’s housing market as Nashville spring surge bleeds into summer
NAHB data is referenced on rising lumber prices and the impact on housing affordability.
- Newsweek: Why Is There a Lumber Shortage in the U.S.?
NAHB Economist David Logan discusses how lumber supplies in the U.S. are facing a big shortage as a result of the coronavirus pandemic, presenting issues for the housing and construction market.
- The Advocate: Lumber prices on the rise because of coronavirus-induced mill shutdowns, booming housing market
NAHB sent a letter to President Trump asking the Administration to take action as soaring lumber prices could threaten the economic recovery.
- The Philadelphia Inquirer: New construction booms as home buyers look to stretch out
NAHB Chief Economist Rob Dietz is quoted in article about the impact of the pandemic on housing demand and lumber prices.
- Marketplace: Housing starts pick up — prices too
Radio interview with NAHB CEO Jerry Howard and Builder member Mark Konter, discussing how increased costs for raw materials, including lumber, are increasing the price of homes.
- Fox Business: Need for home offices, exercise space helping boost home building: NAHB CEO
Video with NAHB CEO Jerry Howard on home builder sentiment and rising lumber prices.
- CNBC: Homebuilder sentiment jumps to record high, but soaring lumber prices could ‘dampen momentum,’
NAHB Chairman Chuck Fowke and Chief Economist Robert Dietz are quoted about the impact of rising lumber prices on future housing demand.
- MarketWatch: Home-builder confidence jumps to record high in August
NAHB Chairman Chuck Fowke discusses how rising lumber prices could dampen the housing market in the fall.
- Forbes: Low Mortgage Rates Help Propel A Strong Housing Market
NAHB CEO Jerry Howard notes the challenges builders face with rising demand, including rising lumber prices.
- Barron’s: Home Builders Are Getting More Confident. Manufacturers Aren’t. What That Says About the U.S. Economy
NAHB cautions that the staggering increase in lumber prices threatens the economic recovery.
- LBM Journal: Builder confidence matches all-time high
Despite record builder sentiment, NAHB cites recent spikes in lumber costs as cause for concern.
- Citrus County Chronicle: Builders rushing to fill demand for homes
The pandemic has caused a rise in material costs, especially lumber, forcing builders to raise prices on homes.
- Asheville Citizen Times: Lumber shortage means higher costs for homes, projects
A decrease in domestic production and tariffs push prices up 80%.
- Engineering News Record: Homebuilders’ Group Wants Trump to Act to Halt Lumber Price Surge
With lumber prices rising sharply, NAHB wants the Trump administration to take steps to halt or reverse the costly trend.
- Woodworking Network: Home builders seek White House action on soaring lumber prices
NAHB sent a letter to President Trump expressing the housing industry’s growing concern and seeking prompt action regarding soaring lumber prices and supply shortages that are harming the housing sector and the economy.
- LBM Journal: Softwood lumber costs up nearly 30% since April
NAHB reports that softwood lumber is leading the increase in prices paid for goods used in residential construction, which continue their upward trend in July.
- Motley Fool: Will the Worsening Lumber Shortage Derail Home Depot and Lowe’s?
Data from NAHB shows framing lumber prices have rocketed 26% higher over the past month, and are about double where they stood a year ago.
- LBM Journal: NAHB seeks meeting with commerce secretary over lumber prices
NAHB is seeking to address supply chain disruptions and tariffs that are contributing to price volatility in the marketplace, the group announced on its NAHBNow blog.
- CNBC: Homebuilder sentiment jumps back to pre-coronavirus pandemic high
NAHB Chief Economist Rob Dietz notes that lumber prices reached a two-year high, along with other rising material prices.
- MarketWatch: Lumber prices have skyrocketed — and that’s bad news for home buyers
NAHB Economist David Logan discusses how the sharp rise in lumber prices is affecting affordability.
- The M Report: Lumber Prices Record Largest Price Gain in Two Years
NAHB reports that the Random Lengths Framing Composite Price reached upwards of $523 per 1,000 board feet for the week ending on July 10.
- Construction Dive: Materials prices rise for second straight month since COVID-19 crisis began
Lumber prices have soared 50 percent since April 17, according to the National Association of Home Builders.
- LBM Journal: Lumber prices at 2 year high
The Random Lengths Framing Composite Price hit $523 per 1,000 board feet for the week ending July 10, the National Association of Home Builders reports.
- Bloomberg: A Forgotten Trade Spat With Canada Is Costing U.S. Homebuilders
NAHB Economist David Logan notes the impact of the lumber trade dispute with Canada on material costs and home prices.
- The News Pocket: An abandoned transaction spat with Canada is breaking U.S. homebuilders
NAHB Economist David Logan discusses how the long-standing trade dispute with Canada over lumber is raising prices during the pandemic.
- The MReport: Examining Residential Construction
The latest episode of DS5: Inside the Industry features an interview with NAHB Chief Economist Rob Dietz discussing impact of the pandemic on housing and lumber costs.
- CNBC: Homebuilders see strongest May sales in over a decade, but they have a big problem
NAHB Chief Economist Rob Dietz notes that among challenges builders face are lumber prices, which recently spiked after falling dramatically at the start of this year.