Softwood Lumber Prices Surge in September
According to the NAHB’s Eye on Housing (using recent data from the Bureau of Labor Statistics), Softwood Lumber prices have surged a record 29% in September, pushing building materials up 4.4% in 2020. They report that higher lumber prices have added nearly $ 16k to the price of an average new single-family home since mid-April.
“The monthly increase is the largest in the history of both the seasonally adjusted and unadjusted data sets which date back to 1975 and 1947, respectively. The biggest monthly increase during the then-historic price run of 2018 was 5.4%, less than half the magnitude of the smallest increase since June 2020.”