Building Material Prices Rise in August

Residential building materials prices rose in August for the fourth consecutive month, reaching the highest level since January 2023, according to the National Association of Home Builders‘ Eye on Housing report. Service prices decreased in August while goods prices slightly increased across domestic inputs into residential construction.

Price inputs for new construction, excluding capital investment, labor and imports, fell 0.1% in August, matching the decrease of 0.1% in July, according to the U.S. Bureau of Labor Statistics Produce Price Index.

Inputs to the new residential construction price index grew 2.3% from August of last year, with an 2.6% year-over-year increase of goods and a services increase of 1.9%.