Building new homes to meet the intense demand for single-family homes that has driven prices to record highs and supply to record lows during the pandemic promises to get more expensive.
Bloomberg reported last week that U.S. lumber futures for 1,000 board feet of the stuff we build houses with went over $1,500 for the first time, hitting as high as $1,544.30 for July delivery.
The National Association of Home Builders (NAHB), meanwhile, says that soaring lumber prices have in a single year added an estimated $35,872 to the average price for a newly built single-family home and $12,966 to the average unit price for multifamily construction. That means $119 more a month to rent a new apartment, the trade group says.
That has helped push the median sales price of new single-family houses in March to $330,800 and the average sales price to $397,800, according to the most recent figures from the U.S. Census Bureau and U.S. Department of Housing and Urban…