Lumber prices are on the rise, and it's going to affect new home buyers!
Currently, there's a lagging domestic supply of lumber and increasing tariffs on Canadian lumber, which is predicted to increase prices by as much as 30% by April. Builders are feeling the pressure and they have no choice but to pass it on to the customers.
The National Association of Home Builders (NAHB) is working to keep supplies steady and keep price increases more reasonable. They have urged domestic lumber companies to increase production and have also been in contact with lumber producers in other companies to open up new sources of lumber. If these option work then it will keep the increases to a minimum but we will most likely still see some increases.
The real estate market typically increases substantially heading into the summer months, when these price increases are expected to hit. It'll be interesting to see if this increases the number of resale homes sold vs new construction.