Lumber Prices Crash 50% As Fed Tightens

Zubu Brothers ^ | 6-3-2022

[WMarshal]

Now the housing bubble will burst.

[Data Miner]

Still 50% more expensive than before Covid.

[bray]

Most think prices will return until the 4th quarter but who knows with this regime in charge.

[vpintheak]

Looks like I’ll be waiting another year before building my wood shed again. Oh well.

[who_would_fardels_bear]

I guess I need to replace my car’s gas tank with a pot belly stove.

[SaveFerris]

(guess I need to replace my car’s gas tank)

You just need a solar panel!

And some magic dust!

[SaveFerris]

/liberal logic

[Bernard]

Hooray! Biden has figured out how to lower inflation - tank the entire economy. And we have 2 1/2 more years of this nonsense.

[FreedomPoster]

And remember, this is intent, not incompetence.

[P.O.E.]

“Buyers don’t have the same mentality of having to go out and buy 10 when they only need five,”

Notice how they're trying to blame it on the citizens, instead of the bonehead politicians.

[BiglyCommentary]

“Still 50% more expensive than before Covid.”

Yup, pine 8’ 2x4 was about $2.25, now about $4.50. They did hit $8 at the peak.

[BiglyCommentary]

My house hit a new record high 2 days ago. I’m sure part of that is due to the prices of new homes being built nearby. If lumber costs an extra $50k or $100K, that goes into the house sales price. My existing house benefits due to those higher comps nearby.

There’s a saying among commodity traders - “High prices are the cure for high prices.” When the price goes up steeply, demand drops off, and that makes the price start falling.

[Does so]

Obumbler’s third term...

[Does so]

"analysts have noticed slumping demand for lumber at Home Depot and Lowe’s as consumers shift away from home-improvement projects to spending money on vacations. Vacations? With gas increasing 5¢ a gallon every day?

[NetAddicted]

$50-100,000? Bidenflation lumber costs that much?

[FreedomPoster]

Precisely. Drooling Dementia Joe isn’t calling any shots here.

[BiglyCommentary]

Price per thousand board feet during the last year.
$1500, down to $400 (bottom during covid), up to $1300, and now $800.

So with framing typically being the largest single cost, you catch the wrong part of that price cycle and it can get very ugly. I had a neighbor who was building a new home and he said 6 months ago, the his builder was quoting him an extra $80 grand over a quote over a quote he had gotten 2 years ago, due to lumber prices.

[FreedomPoster]

Have you not spent any time in the lumber aisle at Home Depot or Lowe's in the last year? This meme didn't come about for nothing.

[CapnJack]

Lumber prices have crashed????

Someone forgot to tell Home Depot and Lowes.

Was at Lowes 2 days ago and checked on the prices of 2X4’s and 2X6’s just to see what they were. A 2X6X8’ was over $14/each. A clear top quality 2X4X8’ was over $9/each.