Following a few months of moderating prices last spring and summer, lumber prices are soaring once again.
Over the past four months, lumber prices have nearly tripled, causing the price of an average new single-family home to increase by more than $18,600, according to the National Association of Home Builders' standard estimates of lumber used to build the average home.
This lumber price hike has also added nearly $7,300 to the market value of the average new multifamily property, which translates into households paying $67 a month more to rent a new apartment.
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