(CNBC) – The price of lumber has been on a roller coaster since the start of the pandemic, and it’s climbing a big hill yet again.
After falling back sharply from a record high in May of last year, lumber prices began climbing again in December. They are now about 22% lower than that peak, but still about three times their average pre-pandemic price, according to Random Lengths.
That is adding to the cost of both building a new home and remodeling an older one. The National Association of Home Builders estimated the recent price jump added more than $18,600 to the price of a newly built home. It also added nearly $7,300 to the cost of the average new multifamily home, which translates into households paying $67 a month more to rent a new apartment.
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