{"id":19328,"date":"2021-08-30T12:52:06","date_gmt":"2021-08-30T12:52:06","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19328"},"modified":"2021-08-30T12:52:06","modified_gmt":"2021-08-30T12:52:06","slug":"drop-in-lumber-prices-could-save-40k-per-home","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/drop-in-lumber-prices-could-save-40k-per-home\/","title":{"rendered":"Drop in Lumber Prices Could Save $40K Per Home"},"content":{"rendered":"

Drop in Lumber Prices Could Save $40K Per Home<\/h1>\n

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Doug Yearley, CEO of the luxury home builder Toll Brothers, told CNBC that the recent drop in lumber prices is prompting some significant savings on the cost to build a home\u2014but home buyers shouldn\u2019t expect to see those savings. While lumber prices are falling, other material costs to build are surging.<\/p>\n

Lumber prices reached a record high of more than $1,700 per thousand board feet in May. On Wednesday, it averaged about $500. Yearley says that has translated to about $40,000 in savings in building a home.<\/p>\n

But steel mill product prices increased 10.8% in July following a 6.2% increase in June, the National Association of Home Builders reports. Tariffs on steel imports have been blamed for adding to building costs. Also, prices for gypsum products, which are used for drywall, rose 2.5% in July and are up nearly 16% in 2021. Copper has also been in short supply, builders report.<\/p>\n

\u201cThe tailwind of lumber coming down is very comforting,\u201d Yearley told CNBC\u2019s Jim Cramer. \u201cIt\u2019s going to help us. It\u2019s going to drive some margin. But I think it\u2019s going to offset some of the other cost increases that we\u2019re feeling.\u201d<\/p>\n

Yearley says it\u2019s taking longer to build homes with recent supply chain and labor issues. \u201cIt took about two weeks longer in our third quarter to deliver a home,\u201d Yearley says. \u201cWe expect that to continue for a couple more quarters as we manage through it.\u201d<\/p>\n

The median sales price of a new home in July was $390,500, an 18.4% increase compared to a year earlier, the Commerce Department reported this week.<\/p>\n

\u201cNew residential construction remains strong, but building material pricing and availability are likely to remain significant headwinds,\u201d Charlie Dougherty, an economist at Wells Fargo, told NBC News earlier this month.<\/p>\n

In some cases, pricing homes has become problematic for builders as they face constantly rising material costs. Read more: Flooded With New Orders, Builders Limit Sales<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cToll Brothers CEO Says the Drop in \u2018Crazy High\u2019 Lumber Prices Will Save $40,000 Per Home<\/a>,\u201d CNBC (Aug. 25, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Drop in Lumber Prices Could Save $40K Per Home   Doug Yearley, CEO of the luxury home builder Toll Brothers, told CNBC that the recent drop in lumber prices is prompting some significant savings on the cost to build a home\u2014but home buyers shouldn\u2019t expect to see those savings. While lumber prices are falling, other … <\/p>\n

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