As people look for housing with more space, lumber prices are increasing.
In September, softwood lumber prices rose 28.6% (seasonally adjusted), according to the Bureau of Labor Statistics' Producer Price Index. This represented the fourth consecutive month-over-month increase.
Shortages related to the pandemic and the Western fires contributed to this decline, as did an increase in residential construction and home renovations, according to Marcus & Millichap's fourth quarter special report on housing. As employers have adopted liberal telework policies in reaction to COVID-19, workers have left cities searching for more space in the suburbs and even rural areas.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
