Lumber Costs Remain High, but Builder Confidence Reaches a New High

According to the newest NAHB/Wells Fargo Housing Market Index, builder confidence in the market for newly-built single-family homes went up by 5 points in the month of September, reaching an all-time high of 83. This is a strong signal that the housing market will recover with the housing market leading the way. The last time a high reading was seen was last month and before that in December 1998, which saw a score of 78.

While these numbers in builder confidence  are high, the industry is also concerned about the rising costs and delays for lumber. Lumber prices have gone up 170% since mid-aril, creating a significant cost of $16,000 to the price of a new single-family home.

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