According to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 0.5% in April, following upwardly revised increases of 1.9% and 2.4% in March and February, respectively.
This adds up to an 4.9% increase in building materials prices since the start of 2022. Building materials prices are up 19.2% year over year and have risen 35.6% since the start of the pandemic.
Specific material increases include:

• Softwood lumber: The PPI for softwood lumber (seasonally adjusted) declined 15.6% in April, following a downwardly revised 5.4% increase in March and a 2.5% gain in February. As a result, the index is down 8.9% over the first four months of 2022. Since reaching its most recent trough in September 2021, prices have risen 60.4%.
• Steel products: Steel mill products prices (not seasonally adjusted) climbed 2.4% in April — the first monthly increase since December 2021. Nonetheless, the first four months of 2022 have been positive for the cost of derivative steel products after increasing 128% in 2021.
• Ready-mix concrete: The PPI for ready-mix concrete (RMC) prices rose 1.3% (seasonally adjusted) in April after a small decline in March. The index has climbed 8.9% year over year and is 12.6% higher than the January 2021 reading.
• Gypsum products: The PPI for gypsum products (seasonally adjusted) was flat in April. The prices of gypsum products are up 17.8% year over year and have increased 23.5% since January 2021.

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As we all know, Lumber Prices have been on the rise for a while now, with no decline in price in sight. This not only affects the building industry directly, but, it also affects home buyers and homeowners looking to remodel. 
A lumber industry veteran told CNBC on Thursday he expects the hot lumber market to persist, at least for a few more months, keeping both prices and volatility elevated.

NAHB - As lumber prices remain sky high, home-building activities continue to suffer across all aspects of the industry — including remodeling projects. Home owners have had an opportunity while sheltering in place to examine their homes and identify key areas in need of repair. But many have been apprehensive to tackle these projects because of the uncertain costs and availability of project materials.