Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about some of the factors that are currently bringing down home prices. New homes are slowly becoming more affordable for median earning Americans, and one of the main factors contributing to this trend downward is lumber costs.

According to this article from National Association of Homebuilders, “Prices and trends in the U.S. framing lumber market,” lumber prices have dropped about 6.2% year over year. Some ways we can continue to bring down lumber prices include 1) reducing tariffs on Canadian lumber which help keep the prices competitive, 2) there is lobbying to open up some federal land for logging, and finally 3) to reduces exporting some of our lumber to China and other countries.

The speed of all these factors lowering prices won’t happen over night as these things take time. But, we believe this is a good reminder that home prices aren’t all dependent on rate. Listen in as we discuss this and more!

Listen in to learn about this and more!

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