Sioux Falls Lumber Prices Finally Could Be Heading Down
The housing market in and around Sioux Falls has been very brisk. New and existing home prices are way up in the area.
If you've had a home improvement project over the last year that involved lumber you know prices are at a record high...if you can even find what you need.
Why Are Prices So High? According to NPR.org some of the reasons wood got so expensive over the last year is a combination of things. New home building has been surging all over the nation and that means demand for home framing lumber like pine 2 x 4s is very high.
Also during the pandemic, lots of people were embarking on home improvement projects involving fencing, decking, and remodeling. So demand was way up while sawmills were having challenges providing products due to covid related closures and a depleted workforce.
Why Are Lumber Prices Dropping Now? NPR reports that Framing Lumber Composite Prices dropped $211 to $1,113 last week and lumber futures hit $904.90 last weekend.
Prices seem to be heading down due to more people going back to work so they have less time to embark on those home DIY projects. Also, sawmills have been able to get production output ramped back up.
There is reason to temper your enthusiasm as it is estimated that it may be a bit before retail home centers and local lumberyards drop their prices to anywhere close to where they were before the pandemic.