The recent spike in softwood lumber prices has caused the average new single-family home price to increase by $16,148 since April 17, according to NAHB standard estimates of lumber used to build the average home. Similarly, the market value of the average new multifamily home has increased by $6,107 over the same period due to the surge in lumber prices, NAHB shared on its NAHBNow blog.
According to Random Lengths, as of Aug. 21 the price of framing lumber topped $800 per thousand board feet—a 130% increase since mid-April.
NAHB calculated these average home price increases based on the softwood lumber that goes into the average new home, as captured in the Builder Practices Survey conducted by Home Innovation Research Labs. Included is any softwood used in structural framing (including beams, joists, headers, rafters and trusses), sheathing, flooring and underlayment, interior wall and ceiling finishing, cabinets, doors, windows, roofing, siding, soffit and fascia, and exterior features such as garages, porches, decks, railing, fences and landscape walls.
Earlier this month, NAHB asked President Trump to take action on lumber prices and supply, as softwood lumber prices surged more than 30% higher since April.
Read more at NAHB’s NAHBNow blog.
