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Justin SullivanGetty Images If you re thinking of buying a new home in the near future, you might want to hold off. The price of lumber has tripled within the last 12 months, according to an analysis published last month from the National Association of Home Builders. Due to the material s significance in residential construction, the price of the average new single-family home is also on the rise, too. Within the past year, the price of a new single-family home has increased by $35,872, per NAHB s report. What s even more startling is how quickly this number has climbed. Last August, the association reported that rising lumber prices lead to a $16,000 average increase in the price of a new home. Assessed again in February 2021, it was reported that roughly $24,000 extra was being tacked on to the price of a home.

White houseDistrict of columbiaUnited statesJessica pleasantsKiley baunLawrence yunJoe bidenChuck fowkeNational association of home buildersNational association of realtorsNational associationPresident joe bidenShophouse designHouse beautifulGodwin residential constructionவெள்ளை வீடு