Lumber Prices Reach Record Heights Causing Home Prices to Surge3

Man standing in front of miter saw

The price of lumber has skyrocketed to a record high and four times its usual price at this time of year, causing a spike in homebuilding costs, The Wall Street Journal reported.

Lumber futures, or the market price for wood, reached a record $1,500.50 per thousand board feet on Friday, according to The Wall Street Journal. A board foot, the unit used to measure lumber, equals one square foot of wood with one inch of thickness.

“Absent a significant increase in mortgage rates or a Covid resurgence, it is hard to imagine what could cause lumber demand to drop and prices to moderate in the foreseeable future,” Eric Cremers, the CEO of major lumber producer PotlatchDeltic, told the WSJ.

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Average California Home Expected to Cost $1 Million by 2030

The average home in California is expected to be valued at more than $1 million by 2030, according to research by RenoFi, an online company that specializes in home loans for renovation projects.

California has outpaced the national average for increasing home prices over the past decade, growing 78 percent and sending the average home value from $331,000 in 2010 to $598,000 today.

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