Olick also notes, "Lumber reached more than $1,600 per thousand board feet this spring, but the more recent price has been around $400."
NAHB Chairman Chuck Fowke said the construction industry still faces difficulties. He told Olick that, though the cost of softwood lumber and some other building materials has gone down, "delivery times remain extended and the chronic construction labor shortage is expected to persist as the overall labor market recovers."
"The biggest hurdle for builders in the coming months will be affordability, as they are forced to raise prices in order to keep up with construction costs," Olick reports. "Buyers are still getting help from low mortgage rates, but should rates begin to rise, the squeeze on their wallets will intensify."
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