In February, the National Association of Home Builders (NAHB) reported that high lumber prices were adding more than $23,000 to the average cost of a new home.
The association has now revised that figure saying that the average new single-family home price has increased by $35,872.
This figure is based on analysis from the NAHB’s economic team, which cites the price of lumber tripling in the past 12 months.
Additionally, soaring lumber prices have added nearly $13,000 to the market value of an average new multifamily home, translating into households paying $119 a month more to rent a new apartment.
Pointing to the latest Random Lengths prices as of the week ending on April 23, the NAHB says the price of framing lumber near $1,200 per board feet — up nearly 250% since last April when the price was roughly $350 per thousand board feet.
The NAHB said that it 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. This includes any softwood used in structural framing such as beams, joists, headers, rafters, and trusses.
Also taken into account are 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.