If the Price of Lumber Falls in the Woods, Does It Make a Sound?
You’ll Want to Hear This!
According to a recent npr.org article, the price of lumber has decreased from a high of $1,607.50 in May to $904.90 over the past weekend. That’s a whopping decrease of 56% in just a little over a month. With lumber futures declining, that long awaited new deck or bookcase may be in your future! But, if you’re now too busy enjoying being outside of your home instead of remodeling it, then prices may see another dip as home improvement projects become less important.
Dos and Don’ts
Don’t expect those prices to take effect immediately. And, if you are currently in the middle of building a new home, don’t expect your builder to suddenly drop the price before completion. Prices may still remain above average for the next year or more.
Do expect that with the pandemic restrictions easing and people returning to work, that supply shortages will replenish. Mills have been able to increase production as employees return. Plus, lumber demand has dwindled since people have been able to spend more time outside their own four walls.
Maybe kitchen appliances will be next!
About Nolan Formalarie
Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.
