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If you’re currently in the market for a new home, you’ve likely encountered some challenges. Whether buying or building, the home market has been hot for quite a while. Chief Marketing Officer Dylan Schoonover of Strategic Wealth Designers joined us on the newscast to discuss the housing market and how lumber prices are affecting home affordability.
“Lumber prices are sky high right now,” Schoonover says. “They have gone up over 300% in the last year. Unfortunately, this means that the prices of newly constructed homes have also gone up. While the impact of lumber prices on home prices isn’t immediate, the effects are definitely felt.”
High lumber prices have added roughly $13,000 to the cost of an average single-family home. The supply of lumber prices is being closely watched as the mills cannot keep up with orders. It is likely that costs will remain high for the foreseeable future.
“Housing markets across the country are still hot,” Schoonover says. “You see stories here, in Chicago, Knoxville, Oahu, and so many other cities about intense bidding wars driving up home prices. This combined with the high lumber prices has made it hard for prospective home buyers to find what they’re looking for within their budget.”
Home sales have reached the highest levels since 2006. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Dylan send an email to email@example.com.