Finally, some good news for homebuyers, particularly those interested in a new single-family dwelling. While the National Association of Home Builders estimated that high lumber prices added approximately $18,600 to the price of a new home in the past year, lumber prices are now falling … fast!
Lumber prices have fallen 47 percent since the beginning of 2022 – and 12 percent in the last week alone. Analysts say this is due to lower demand which has created a glut in the lumber market. The hope is that the volatility in the lumber market is a thing of the past and a more stable market will emerge.