Lumber prices have increased by more than 180% since last spring and the price spike has caused the price of an average single-family home to increase by $24,386 since April 17, 2020, according to the National Association of Home Builders (NAHB). A previous report from the NAHB in August 2020 found lumber price spikes caused a $16,000 increase in the price of new single-family homes. Lumber prices have also caused the market value of the average new multifamily home to increase by nearly $9,000 over the same period, according to the NAHB.
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