Overall housing starts increased 3.6 percent in May to a seasonally adjusted annual rate of 1.57 million units off of a downwardly revised April reading.

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.

While longer-commute areas have a much greater market share in single-family home building, the single-family construction growth rates in the first quarter of 2021 were strongest in the areas with the shortest commuting times.

The effect of high lumber prices on low- and moderate-income families is a top concern of NAHB and the Biden administration, noted NAHB's Immediate Past Chairman Greg Ugalde.

Rising building materials costs and low inventory have caused new home sales prices to jump 20 percent on a year-over-year basis, harming housing affordability and driving down the pace of new home sales.

The Multifamily Production Index (MPI) increased eight points to 51 compared to the previous quarter.

Overall housing starts decreased 9.5 percent to a seasonally adjusted annual rate of 1.57 million units.

"Builder confidence in the market remains strong due to a lack of resale inventory, low mortgage interest rates and a growing demographic of prospective home buyers," said NAHB chairman Chuck Fowke.

Mental Health Action Day is an open-source movement to drive culture from mental health awareness to mental health action.  

Regulations imposed by all levels of government account for $93,870, or 23.8 percent of the current average sales price ($397,300) of a new single-family home.