During the pandemic, lumber costs are skyrocketing, and lumber supplies are diminishing. The National Association of Home Builders (NAHB) says lumber costs for the average single-family home climbed more than 130% since April. Additionally, tariffs on wood from Canada is increasing the price for their lumber. Framing lumber for a home comprises approximately one-fifth of materials cost, and the increase in lumber costs can add up to $16,000 to the price of a new home.
Early in the pandemic, lumber demand halted, and mills shut down. As building activity has roared back to life in recent months, there is simply not enough lumber to keep up with demand. This increase in lumber will likely be passed onto home buyers and DIYers alike.