/Spiking Prices of Lumber is Turning the Housing Market into a Catastrophe

Spiking Prices of Lumber is Turning the Housing Market into a Catastrophe

The price of lumber is chipping away at an already “dire” housing market scenario, home builders warn.

“If people aren’t listening now, the dire predictions that we’ve been making appear to be coming true,” National Association of Home Builders CEO Jerry Howard said on “Varney & Co.” Wednesday.

Volatile lumber prices have caused the average price of a new single-family home to increase by $18,600, according to a new statistic from the NAHB.

And it’s not wooden cabinets or floors that are adding to the price tag – it’s the cost for framing timber.

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