Lumber Prices Skyrocket

Lumber prices have skyrocketed more than 180% since last spring, and this price spike has caused the price of an average new single-family home to increase by $24,386 since April 17, 2020 (NAHB)

Similarly, the market value of the average new multifamily home has increased by $8,998 over the same period due to the surge in lumber prices.  The latest Random Lengths prices as of mid-February show the price of framing lumber topped $975 per thousand board feet — a 180% increase since last April when the price was roughly $350 per thousand board feet.