Lumber prices skyrocketed to historic highs during the coronavirus pandemic, fueled by a demand for new homes and a surge in renovations and DIY hobbyist projects by those of us on lockdown.

Why are lumber prices so high 2021?

Home prices are soaring, pushed higher by a combination of record-low mortgage rates, strong demand from buyers and a lingering lack of new construction. In 2021, a new factor put pressure on home prices: Month after month, lumber prices jumped to new highs. Lumber costs soared more than 30% from January through May.

Why is lumber so high 2020?

Everybody is under a squeeze.” As Fortune has previously explained, this historic lumber shortage was spurred by a perfect storm of factors set off during the pandemic. When COVID-19 broke out in spring 2020, sawmills cut production and unloaded inventory in fears of a looming housing crash.