Last month lumber prices dropped drastically, and due to the ease in demand the supply has increased.
Since the highest price point on May 7 of this year, there has been a 56% decrease.
While the decrease in price is great, it will take a bit of time before before consumers see the decrease in price.
CEO Rick Herman of Rochester Home Builder’s Association said the decrease will begin with the lumber yards, then the distributors and finally the retailers over a span of 60-90 days.
The spike in lumber prices increased the cost of homes as well, causing a new single-family home to rise by as much as $36,000.
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