The market value of the average new multifamily home has increased by $8,998 over the same period due to the surge in lumber prices, according to nahbnow.com.
In another indicator that housing continues to lead the economy forward, sales of newly built, single-family homes in August topped the 1 million mark and reached their highest pace since September 2006.
By National Association of Home Builders
Developers have continued to respond to demand by building more apartments, predominately in urban areas.
BOSTON – Despite concerns about the condition of the economy, there are still many positive factors affecting housing expansion. A presentation by Robert Dietz of the National Association of Home Builders on housing trends, demographics, construction metrics, inventory and forecasts focused on positive and negative factors affecting housing growth. A few takeaways from that presentation at the Wood Machinery Manufacturers of America meeting in Boston: --The new townhouse market is expanding, and Dietz sees this as a real growth market.
The halls were often jam-packed at the co-located Kitchen & Bath Industry Show/International Builders' Show, as more than 100,000 cabinetry- and construction-related professionals streamed through to see the more than 2,000 displays by exhibitors.
Will increase in wood prices affect housing starts? This is indeed the concern we all should have: Wood Dr.
NAHB predicts that remodeling spending for owner-occupied single-family homes will increase 4.9 percent in 2018 over 2017.