New homes cost $36,000 more because of an epic lumber shortage

Source: Matt Egan, CNN Business

As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn't enough lumber to feed the red-hot housing market.

The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market.

Read Full Article: New homes cost $36,000 more because of an epic lumber shortage

 

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