Relentless Residence-Renovation Increase Sends Lumber Selling price to History

Photographer: Christinne Muschi/Bloomberg

The relentless rise in lumber selling prices shows no signs of abating as the pandemic retains folks at home, spurring a household-renovation boom.

Lumber futures climbed to a report $1,004.90 for each 1,000 board toes Thursday, climbing for the eighth session in nine. Selling prices have climbed about 40% this 12 months, fueling issues for property builders across the U.S., with the largest field team contacting on the Biden administration to support improve source.

Futures for the home-building material top $1,000 for first time ever

“There’s just remarkable optimism that there is going to be loads of demand from customers to make households,” explained Shawn Hackett, president of Hackett Financial Advisors in Florida. “We’re in a bubble mentality that is unsustainable. It is a typical bubble situation.”