Unfortunately, the world is still experiencing the after-effects of the pandemic, and it’s not just a lack of toilet paper or sanitizer. If the price of building materials is burning a hole in your pocket or your contractor seems to be taking too long, you’re not alone. The cost and supply of building materials have drastically changed, and the price of one material, in particular, has been increasing daily.
Why are lumber prices so high?
The price of lumber has increased significantly, complicating things for many people and increasing costs of construction and other projects. According to The National Association of Home Builders, lumber prices have increased more than 200% since April 2020.
While other supplies have bounced back, lumber is still scarce and more expensive. As far as lumber goes, people in the industry have had varying projections about when the price will lower and the shortage will stop. The truth is, it’s expected to be like this for a while, but we are hopeful the cost will fall over the next six months.
Home-building delays continue
Home builders and roofing experts are struggling to bounce back due to the shortage. It’s hail season in Oklahoma, and we’ve already had a few damaging storms. People want their roofs and fences repaired, which has been a challenge for most contractors.
Aside from lumber, shingles are also being delayed, especially specific colors. If you’re having a roof repaired or building a new one, there’s a chance you may have to wait on your shingles or choose a completely different color for your roof. Roofs could be repaired more quickly than fences, which could take a few months, and the prices will be high.
Hopefully, prices will go back down, and more supplies will be available. In the meantime, contractors are frustrated and stressed right alongside homeowners. We ask that homeowners be patient with their contractors during this time. I promise we are doing the best we can with what we have. Fingers crossed that we all bounce back from this sooner rather than later!