The National Association of Home Builders reports that lumber prices are rising again. After hitting an all-time high of near $950 per thousand board feet in September, prices slid to near $550 per thousand board feet in October but are now above $650 per thousand board feet in December. High lumber prices have contributed to significant price increases in most new construction homes this year and increases the costs of remodeling as well. A tariff reduction expected this month may help soften lumber costs in the coming weeks.
In the Twin Cities region, for the week ending December 12:
- New Listings increased 23.6% to 870
- Pending Sales increased 10.0% to 838
- Inventory decreased 36.5% to 6,421
For the month of November:
- Median Sales Price increased 10.7% to $310,000
- Days on Market decreased 33.3% to 34
- Percent of Original List Price Received increased 2.8% to 100.2%
- Months Supply of Homes For Sale decreased 38.1% to 1.3
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.