As Lumber Prices Fall From All Time Highs, Supply Remains Low And Expensive
CHARLOTTE, NC – Lumber prices are falling back to Earth after skyrocketing to prices never before seen.
But the lingering impact of the high prices are still being felt by Charlotte area consumers.
βThis completely blew our minds,β said Ashley Class.
She is remodeling a home in South Park.
βBecause of the construction costs, what we thought we were initially going to get done we ended up breaking out into phases because the costs are so extensive,β said Class.
The price of lumber has slowed the renovation progress.
βWeβve definitely taken a hit and weβve had to re-plan and re budget things that we hadnβt considered before,β explained Class.
Due to the pandemic, supply shortages, and incredibly high demand for homes and projects, lumber prices skyrocketed.
According to the National Association of home builders, the cost to build the average single family home is up $36,000 from a year ago simply because of wood prices. And itβs not just homes.
“The prices for fence materials in particular, posts, 2X4’s, pickets, they’ve all tripled this season,” said John Moore of J&D Fence Company.
But the peak prices may be behind us.
Lumber prices fell for the 9th straight day on Monday to below $1000 dollars per board feet.Β Itβs a 40% drop from more than $1600 dollar price pointΒ in mid May.
Some Economic analysts say they expect lumber prices to fall to $600 even as demand for the commodity remains strong due to rising supply.
But those cheaper prices havenβt made it to Charlotte consumers still struggling to find lumber, let alone a good price.
βOur next phase of work starts in a month so weβre really hoping it will start to impact those budgeting,β said Class.
