DIY Builds
DIY Builds
Photo: Laura Tancredi
Since the pandemic, lumber prices have skyrocketed to record highs, adding to new-home construction costs. But prices are now coming down. Lumber prices have fallen 12% this week, reaching a new low in 2022. That could be welcome news for new-home buyers and builders.
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Since the pandemic, lumber prices have skyrocketed to record highs, adding to new-home construction costs. But prices are now coming down. Lumber prices have fallen 12% this week, reaching a new low in 2022. That could be welcome news for new-home buyers and builders. Over the past year alone, the swings in lumber prices have prompted the price of a new single-family home to rise by more than $18,600, according to the National Association of Home Builders. In the last three months, lumber prices have started to come down as the housing market shows signs of slowing and interest rates rise. A glut is forming in the lumber market as inventories begin to pile up. Lumber buyers have slowed their orders, and sawmills are beginning to slash their prices, The Wall Street Journal reports. Lumber prices have fallen 47% year to date. They are down 65% from a 2021 record high of $1,733 per thousand board feet. The big drops should help ease inflationary pressures in the housing market, and the costs to build should come down, Markets Insider reports. Dustin Jalbert, a senior economist who leads Fastmarkets RISI’s lumber team, told Fortune that lumber’s volatile cycles in recent years is likely over—unless an unforeseen economic crisis erupts. “I think the worst is behind us now,” Jalbert told Fortune. But he says there’s a lot of “concern” about what lumber demand will look like in the second half of the year as recession predictions grow. There’s still a backlog in fulfilling demand and supply issues—which triggered the record prices in the first place. Producers are focused on getting through their current commitments, which should lead to lower futures prices moving forward, Kyle Little, chief operating officer at Sherwood Lumber, told Fortune. Lumber prices will likely moderate to between $450 to $600, but they won’t collapse, Jalbert told Fortune. Also, “there’s still decent underlying demand that will support housing construction,” he adds.
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Read More »While you will want to save money on utilities, you can not leave a house unheated in the winter. Keep your utilities on, and follow these tips before going out of town: Set your thermostat no lower than 55°F before you leave to avoid having your pipe freeze.
Getting out of New York in the winter and into the Florida sun sounds wonderful! While you will want to save money on utilities, you can not leave a house unheated in the winter. Keep your utilities on, and follow these tips before going out of town: Set your thermostat no lower than 55°F before you leave to avoid having your pipe freeze before you leave to avoid having your pipe freeze Unplug everything that will still draw extra power, like TVs and computers Set some of your lights on daily timers so it will still look like someone is home so it will still look like someone is home Arrange for a neighbor to check in on your home, especially on frigid days Make sure to have your mail forwarded or held at the post office at the post office Invest in a video doorbell so you can remotely monitor your home lower the annual mileage on your car insurance policy to cut costs. Another way to save money is by downloading the Since you won’t be driving your car nearly as much,on your car insurance policy to cut costs. Another way to save money is by downloading the Jerry app and finding a cheaper car insurance policy. 45 seconds, and Jerry customers save on average $800+ per year on car insurance! If you have any questions, Jerry’s Getting started takes just, and Jerry customers save on averageper year on car insurance! If you have any questions, Jerry’s friendly and licensed insurance agents are only a text away, so you can reach them no matter where you are!
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