You’ve probably heard the news that the prices of lumber are at an all time high and that’s why the prices of new homes are increasing, too. Although that’s true, it’s not the reason why many people are hesitant to buy a home.
The Pattern of Lumber Prices
Lumber prices have gone up and down over the years. The lumber demand rose significantly because of the increase in remodeling projects and surge in new home building. There’s also a shift to people desiring bigger houses, which meant more demand for lumber.
Although the pandemic has disrupted a lot of things, including the building industry, there’s already an existing domestic lumber supply insufficiency. Mills have cut down the production but continue to operate because of the increase in demand.