The cost to build or improve a home has skyrocketed because of the rising lumber prices, but they are showing signs of letting up.
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The price of the essential building material has been on a wild ride since the pandemic began. What’s behind the most recent spike?
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There are other factors that could impact the price of lumber such as the recent increase of lumber tariffs.So where is the price of lumber going in 2022, the answer is up. By exactly how much will be impacted whether suppliers can figure out shipping and logistics to get their supply where it's needed and whether housing construction takes off.
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Plus, European governments end restrictions even with cases soaring, bird flu is now in 15 states and spreading fast, and more.
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Futures pricing "tells me is there's still a long-term, bullish supply-demand situation in lumber," said commodities analyst Darin Newsom.
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In 2020, the price of lumber hit an all-time high, and since then, it's been a rollercoaster ride. Recently, however, experts said prices are starting to drop slowly. Kevin Mondschein has been working away at his new home in Greece, and with the recent fluctuations in lumber costs, he believes he picked the right time to build. "It's definitely gone up and down with the market, but locking it in when we locked it in was good timing," said Mondschein.
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