There isn’t enough lumber to feed the red-hot housing market. The shortage is de…
There isn’t enough lumber to feed the red-hot housing market. The shortage is delaying the 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. Surging lumber prices alone have pushed the price of an average new single-family home $35,872 higher, according to an analysis by the National Association of Home Builders.
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