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Lumber prices that skyrocketed during the COVID-19 pandemic are starting to decline as new home sales drop, but experts advise continuing to wait before building a house or starting on your next project.
Lumber prices peaked in May 2021, reaching a price of $1,711 per thousand board feet, according to Darin Newsom, a market analyst and commentator. Before the COVID-19 pandemic, prices averaged $300-400 per thousand board feet, Jack Izard, vice president of natural resources investment at Domain Timber Advisors, told McClatchy News.
Prices are now around $600 per thousand board feet, he said. Costs began to surge after March 2020 because of a rapidly increasing demand for lumber as people stuck at home during the pandemic started to take on new projects and look at moving out of the city, Newsom said.
This phenomenon was coupled with a scarcity of lumber supply caused by U.S.-imposed tariffs on Canadian wood and global supply-chain issues brought on by pandemic-related restrictions in other countries, such as China, said Roberto Quercia, a professor at the University of North Carolina Chapel Hill who specializes in housing and community development.
Read more at: https://www.miamiherald.com/news/nation-world/national/article262477847.html#storylink=cpy
Lumber prices that skyrocketed during the COVID-19 pandemic are starting to decline as new home sales drop, but experts advise continuing to wait before building a house or starting on your next project.
Lumber prices peaked in May 2021, reaching a price of $1,711 per thousand board feet, according to Darin Newsom, a market analyst and commentator. Before the COVID-19 pandemic, prices averaged $300-400 per thousand board feet, Jack Izard, vice president of natural resources investment at Domain Timber Advisors, told McClatchy News.
Prices are now around $600 per thousand board feet, he said. Costs began to surge after March 2020 because of a rapidly increasing demand for lumber as people stuck at home during the pandemic started to take on new projects and look at moving out of the city, Newsom said.
This phenomenon was coupled with a scarcity of lumber supply caused by U.S.-imposed tariffs on Canadian wood and global supply-chain issues brought on by pandemic-related restrictions in other countries, such as China, said Roberto Quercia, a professor at the University of North Carolina Chapel Hill who specializes in housing and community development.
Read more at: https://www.miamiherald.com/news/nation-world/national/article262477847.html#storylink=cpy