The price of lumber has jumped back up again and is adding to the cost of new home construction.
Over the past four months, lumber prices have nearly tripled, causing the price of an average new single-family home to increase by more than $18,600.
According to Random Lengths, as of the end of December, the price of framing lumber topped $1,000 per thousand board feet — a 167% increase since late August.
This most recent lumber price upsurge is due to a number of factors, including:
- Ongoing supply chain disruptions
- A doubling of tariffs on Canadian lumber imports into the U.S. market that increased price volatility
- An unusually strong summer wildfire season in the western United States and British Columbia
Predictions on what lumber prices will do during 2022 are mostly pointing to even higher costs for home builders and ultimately, new home buyers.
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