Lumber was $358 per 1000 board foot last April.
It’s now over $1,048 per 1000 board foot - almost triple.
Lumber futures hit $1,158 the other day. And it shows no sign of stopping.
We came super close to buying a vacant piece of land last year, planning to build a new house in 2021. Thankfully, we decided at the last minute not to. With lumber and other commodity prices sky high, it easily could have been $300/sq ft just for the house and before landscaping, deck, sprinklers, etc.
Looks like we and others will be staying put in our current houses for a long time..or buying used vs. doing new construction.
Existing home prices are going sky high too. I abandoned my search for a new home about a month (or so..) ago now and am staying in my townhome, much as I'd rather be in a single family home again.