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Spike in Wood Costs Pushes Home Prices Higher

The cost of new homes is feeling upward pressure due to soaring lumber prices. Softwood lumber, which is normally used in house frames, almost doubled between April 2020 and January 2021, according to the Department of Labor’s producer price index. So reports BankRate.com.

PulteGroup Chief Financial Officer Robert O’Shaughnessy recently said in a call, “Driven primarily by increases in lumber and labor, our house costs will be higher in 2021.”

Read the full article from BankRate.com.

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