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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