REJOICE! Lumber Prices Are Going DOWN Very Fast in Buffalo
Finally. By July it looks like prices on lumber are finally coming down around here. May lumber prices hit an all-time high, but they are seeing a decline. The drop in prices won't bring the prices back to where they were, but they will be MUCH better.
If you have tried to do any projects around the house within the past year, you have realized how ridiculous the prices on wood are. I mean, you could buy a 2x4 for about $2.50 at most places, last month it would cost you over 6 bucks. That's insane.
What did you pay for a piece of plywood? Just a normal sheet 4 by 8 was over60 bucks at one point. Even OSB was about 40 for a sheet. If you were working on a project or building a new home, you felt the effects of the surge.
According to the National Association of Home Builders, lumber prices cost new home builders about $35,000 extra, on average. The reason that the price has hiked up was because of COVID-19 restrictions and the mills could just simply not catch up. We had a couple of friends who were building a home in East Aurora and they had to sign a contract saying they would cover the costs of any increased lumber costs between certain dates. It certainly has not been convenient.
According to NASDAQ,
Projections for July show lumber delivery prices are expected to be about 40% lower than the May record."
You can see the projection chart on the link above.
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