As of the week ending October 16, lumber prices are down 20% from their peak in September according to the National Association of Home Builders.
From August through September rising lumber costs raised new home sale prices an additional $14,000 to more than $16,000.
The NAHB has made several efforts to counteract rising lumber costs from a Congressional level down to a grassroots campaign including over 6,000 emails sent to over 400 Congressional offices.
Currently purchasing conditions are good, but inventory is low. We will continue to monitor the price of lumber and the effect it has on the cost of newly built homes.