After Spike During Pandemic Lumber Prices Are Declining

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NEW PODCAST EPISODEState Dems push to make N.C. the first primary state in 2028 election. Will it work? COMMUNITY CALENDARAdd an event to our calendar WEATHER ALERTFull list of active watches and warnings CLOSINGS ALERTFull list of closings and delays After spike during pandemic Lumber prices are declining BY Chelsea Floyd Greensboro PUBLISHED 5:33 PM ET Jul. 18, 2022 PUBLISHED 5:33 PM EDT Jul. 18, 2022 SHARE

CLIMAX, N.C. — Lumber prices are falling after skyrocketing during the pandemic.

Since the sales of new homes are dropping, experts say the price of lumber is also on a decline, down about 50% this year after hitting record highs in 2021.

It's something Taylor Tankersley, vice president of sales for East Coast Lumber Company, says his company has experienced.

"Through COVID," Tankersley said. "No one had ever seen before. We hit record highs. That was beyond what any of us have ever experienced. But that's also coming at a time when inflation is extremely high. And so the cost of making a stick of lumber is much more expensive today than it was pre-pandemic because of inflation."

According to a National Housing Survey conducted by The Federal National Mortgage Association, fewer American consumers can afford to purchase a home, and 80% of consumers say it is a bad time to buy a home in the current environment.

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