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Epic shortage of lumber is causing new home prices, renovation costs to soar. When will it end?

Bloomberg s Romaine Bostick takes a look at record prices for lumber and its impact on U.S. housing market.
As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn t enough lumber to feed the red-hot housing market.
The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market.
Random-length lumber futures hit a record high of $1,615 on Tuesday, a staggering sevenfold gain from the low in early April 2020. That s a big deal because lumber is the most substantial supply that home builders buy. ....

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New homes cost $36,000 more because of an epic shortage of lumber

New homes cost $36,000 more because of an epic shortage of lumber
kitv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitv.com Daily Mail and Mail on Sunday newspapers.

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Why lumber prices are so high and what it means for home building costs

As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn't enough lumber to feed the red-hot housing market. ....

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A lumber shortage is causing new home prices to surge.

The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market. ....

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Lumber shortage contributing to Triangle housing shortage, says local builder

Home for sale (Source: Pixabay)
by Matt Egan, CNN Business May 5, 2021 .
RALEIGH – As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn’t enough lumber to feed the red-hot housing market.
The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market.
Random-length lumber futures hit a record high of $1,615 on Tuesday, a staggering sevenfold gain from the low in early April 2020. That’s a big deal because lumber is the most substantial supply that home builders buy. ....

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