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By Stefan Gleason web posted April 19, 2021
Anyone who says inflation isn’t a problem hasn’t tried shopping for a new home recently.
Housing costs are skyrocketing. The median sales price of existing homes has spiked 16% over the past 12 months (from $270,400 to $313,000) – the fastest pace in 15 years.
The real estate market is being pressured not only by a low inventories of houses listed for sale, but also by rising prices for construction materials.
Home builders must deal with a massive 200% increase in lumber costs since the onset of the COVID-19 pandemic. According to the National Association of Home Builders, lumber’s elevated price adds about $24,000 to the final quote on a typical new single-family home.