Lumber prices in the U.S. have steadily risen since the COVID-19 outbreak began, due to an increase in demand combined with lumber mill shutdowns.
The price of lumber for September delivery rose 3.1% to an all-time high of $641.60 per thousand board feet, the Wall Street Journal reported. Adding to the constraints caused by the pandemic, the impact of tariffs on wood from Canadian mills continues to cause elevated prices for American construction firms.
Expect to see builders pass on the higher cost of lumber to buyers in the form of higher prices for new build homes, and spec homes already built or under construction.
