Soaring lumber prices that have tripled over the past 12 months have caused the price of an average new single-family home to increase by $35,872, according to new analysis by the National Association of Home Builders.
Sales of newly built, single-family homes rose 20.7 percent from an upwardly revised February number, to a 1.02 million seasonally adjusted annual rate.
The latest National Association of Home Builders/Wells Fargo Housing Market Index released shows that builder confidence in the market for newly built single-family homes rose one point to 83 in April.
NAHB is asking home builders to set aside a few minutes during the week of April 19 to share resources with their workers and trade contractors about COVID-19 vaccination.
According to the index, about two-thirds of the builders reported that more than 20 percent of their homes were sold to first-time buyers. Twenty-seven percent of builders said more than half of their sales were to first-timers.
"Though buyer traffic remains strong, some home building activity is being delayed due to material shortages," said Chuck Fowke. "This is forcing builders and buyers to grapple with rising affordability issues, as soaring lumber prices have added more than $24,000 to the price of a new home."
The task force was created to review and establish best practices for developing and sustaining policies designed to enhance a diverse and inclusive membership that is representative and reflective of all communities that seek the American Dream of homeownership.
The latest National Association of Home Builders/Wells Fargo Housing Market Index shows that builder confidence in the market for newly built single-family homes fell two points to 82 in March.
