Lumber Prices Soar 112% Since 2020; Does this Affect Your Next Building Project?

DETROIT, April 8, 2021 ~ The prices of lumber are skyrocketing nationwide, and builders and buyers are suffering from it.

While interest rates for loans are down, the prices of flooring, concrete and other building materials are rising.  According to the National Association of Home Builders, current lumber prices are adding upwards of $24,000 to the price of the average new single-family home.

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April 8, 2021 ~ The “Outside GuyKen Calverley explains to Paul W. Smith why lumber prices are skyrocketing and suggests you may want to wait to build a new deck.

In a report by forestry analysis group Random Lengths, softwood lumber prices are now about 112% higher than they were a year ago and are still increasing.

I would say last year was about, my package was about sixty thousand dollars,” said Jim Chicosky, who is currently building a home in Hadley, near Lapeer.  “It went up about ten thousand dollars in about thirty days.” 

Many in the industry expect prices to drop again near the end of the year.