HOLY YIKES
Skyrocketing lumber prices are impacting all of us. Here is what $1,000 can buy today (May 27th, 2021) compared to last fall.
· Today: 30 2x4 studs and 10 sheets of OSB
· Fall 2020: 100 2x4 studs and 33 sheets of OSB
The latest data indicates that the average cost added to a home due to lumber prices is $36,000.
Per the NAHB, an increase of $1,000 prices out 158,857 homeowners from affording a home.
The WRA (Wisconsin Realtors Association) reports that we are at 2.5 months of inventory, down 36% from a year ago.
Why has this happened?
· Increase in demand for housing
· Lumber mills misjudged production during the pandemic
· More people doing DIY projects during the shutdown put more pressure on demand
· Shipping issues and shutdowns due to COVID-19
· Issues with a resin plant in Texas from the cold snap/power outages
Lisa Bear Ireland - Jamie Ireland
RE/MAX Realty Center
Your Residential & Commercial Headquarters
