Sales of new US single-family homes rocketed up by an astonishing +14%, while the median price of newly built houses increased by even more, compared to the previous month.
There were 800,000 new US homes sold in September, which is up +14% from a significantly downwardly-corrected 702,000 in August, and is down -18% from 971,000 in September 2020.
The median sales price shot up to US$408,800, from US$390,000 in August, which is up a remarkable +20%. Prices are now 45.5% above their 2006 peak. Sales continued to be concentrated in the $200,000-$749,000 price range.
House supply has lagged behind demand, as builders are constrained by high lumber prices as well as shortages of other building materials, household appliances, land, and labour.
Looking at lumber prices, showing surprising strength in ongoing increases when usually lumber prices are dropping, in the week ending October 22, 2021, the price of Western S-P-F 2×4 #2&Btr KD (RL) was US$630 mfbm, which is up by a remarkable +$35, or +6%, from the previous week when it was $595.
This price is up by +$142, or +29%, from one month ago when it was $488.
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