At long last, lumber prices appear to be falling- at least for now.
For months, there’s been a lumber bubble causing construction prices to go through the roof.
In June, Lumber futures fell more than 40%, according to CNBC, as consumer demand dropped. Lumber prices are also down more than 18% in 2021.
That’s good news if you’re a homebuyer, but don’t celebrate quite yet. The cost of new houses shouldn’t drop dramatically at this point, since the cost of home building materials such as copper, drywall and steel are still at record highs.
In other words, the cost to build a home is still higher than it was last year.
The housing bubble might be popping, too, CNBC notes, as we weekly mortgage demand toppled 6.9% last week.