Lumber shortage leads to spike in home construction prices

When the pandemic started, sawmills shut down production in anticipation of a housing slump.  But that slump never happened, and now there's not enough lumber.

The prices for new homes are skyrocketing because of a lumber shortage.

When the pandemic started, sawmills shut down production in anticipation of a housing slump.

But that slump never happened, and now there’s not enough lumber.

It’s delaying construction during a nationwide housing shortage and complicating renovations of existing ones.

For buyers, it’s hiking up the prices of new construction.

According to the National Association of Home Builders, the price of an average single-family home is more than $35,000 higher than it would normally be.

Industry executives expect lumber production to eventually catch up with demand as the mills come back online.

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