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Rapidly rising lumber prices are constricting the development of single-family homes, with builder confidence hitting a low of 83 in January.

Rising material costs (led primarily by lumber, which has continued a steady increase over the past year) together with a resurgence of COVID-19 has pushed confidence lower, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index released today. Though housing demand is high across the country and mortgage rates are near historic lows, a lack of new homes on the market is exacerbating affordability – and higher material costs, a lack of affordable lots and labor shortages compound the problem. 

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