Lumber Prices Are Finally Falling
(Photo by Scott Olson/Getty Images)
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.
Anne Erickson started her radio career shortly after graduating from Michigan State University and has worked on-air in Detroit, Flint, Toledo, Lansing and beyond. As someone who absolutely loves rock, metal and alt music, she instantly fell in love with radio and hasn’t looked back. When she’s not working, Anne makes her own music with her band, Upon Wings, and she also loves cheering on her favorite Detroit and Michigan sports teams, especially Lions and MSU football. Anne is also an award-winning journalist, and her byline has run in a variety of national publications. You can also hear her weekends on WRIF.
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