Timber!

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A positive outcome of the cooling housing market is lower lumber prices.

Lumber is now priced at $605 per thousand board feet.  This is a new low for 2022.

Prices for lumber are now down 47% for the year and are well below the 2021 peak of $1,733 per thousand board feet.

What’s causing this?  Higher mortgage rates have slowed the pace of new home sales and remodeling projects.

Most experts believe that lumber prices will fall even further during the remainder of the year.

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Record Increase

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Home builders have experienced their largest-ever increase in building costs so far in 2021.

This is according to the latest Producer Price Index report.  

Year to date, building costs are up 14.5%.  This amount tops the previous record of 7.1% which occurred in 2008.

Specific materials which have seen significant increases include lumber, drywall and steel.

The price of steel has risen 117% this year.

These material cost increases combined with increases in items like building permits and tap fees are causing home builders to raise their sales prices.

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