Lumber Prices Are Soaring and Appliances Are Backordered Due To COVID, What Should You Do? BYHYU 213

Build Your House Yourself University

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Average lumber prices have more than doubled from mid-April to late August 2020. Prices moved from a low in April of $348 per thousand board feet to over $900 per thousand board feet in August. This price surge is adding over $16,000 to the price of the average single-family home according to the National Association of HomeBuilders. And it’s adding several tens of thousands of dollars to higher-end homes. The extreme increase in lumber prices have been made worse by tariffs of more than 20% on Canadian lumber imported into the U.S. The U.S. typically gets quite a bit of lumber from Canada.

Given these historically high lumber prices, many homeowners and builders are currently wondering if prices are likely to decrease back toward normal, and if so, when. Folks are further questioning whether now is the right time to start a build or whether waiting is a better option.

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