Costs of most construction materials are still rising, albeit at a slower rate, according to a survey from the National Multifamily Housing Council.
Respondents to the NMHC Quarterly Survey of Apartment Construction & Development Activity reported a 4% average increase in the price of exterior finishings and roofing (down from a 9% increase the previous quarter), a 9% increase in electrical components (down from 13%), a 7% increase in appliances (down from 9%), and a 3% increase in insulation (again down from 9%).
The exception to the price inflation trend is lumber. Respondents reported an average drop in lumber prices for the fourth straight quarter, down 5% over the last three months.
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