Price growth for residential building materials rose for the fourth straight month in August, reaching its highest level since January 2023. Across domestic inputs goods and services into residential construction, service prices decreased in August while goods prices slightly advanced. Prices for inputs to new residential construction—excluding capital investment, labor, and imports—fell 0.1% in August, matching the decrease of 0.1% in July. …The inputs to the new residential construction price index grew 2.3% from August of last year. The index can be broken into two components—the goods component increased 2.6% over the year, while services increased 1.9%. For context, the total final demand index, which measures all goods and services across the economy, increased 2.6% over the year, with final demand with respect to goods up 2.1% and final demand for services up 2.9%. Compared to July, the August results indicate services price growth slowed while goods price growth rose according to producer prices.