Surging lumber prices put buying a home out of reach for many Americans

CBS NEWS ^ | JUNE 7, 2021 / 8:15 AM | KHRISTOPHER J. BROOKS

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The price of lumber in the U.S. has tripled during the coronavirus pandemic, adding thousands of dollars to the cost of a new house. Framing lumber was priced at $1,200 per thousand board feet as of late April, a 250% increase from the year-ago period when the price was about $350, according to an analysis from the National Association of Home Builders (NAHB). For house hunters, that adds an average of nearly $36,000 to the price of a home.

Homeowners, stuck indoors during the pandemic, have recently been buying up lumber to complete renovations or additions on their house, Jannke told Villarreal. Another factor pushing up lumber costs is that more Americans are leaving big cities and buying new homes in the suburbs, he said.

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Prices tend to follow the trend be it new or used. There will
be differences but as a whole old things rise in value as the cost
of new items rise. Now things become obsolete, wore out, etc and
won’t keep up with the rising prices.