FOUNTAIN, CO. – The price of lumber is at its most favorable point in years, making it an ideal time for homeowners to embark on spring home improvement projects. Lumber prices are currently more stable than they have been in the past five years and significantly lower than the peak observed two years ago.
Rocky Mountain Forest Products in Fountain reports that the average price per thousand board feet of lumber stands at $558. This figure is particularly enticing for homeowners looking to tackle outdoor projects. The demand for lumber and the entire industry saw a significant uptick during the COVID-19 pandemic.
Data from Statista reveals that back in January 2016, lumber prices were at $245 per thousand board feet. However, in April 2021, prices skyrocketed to a high of over $1,415 before plummeting due to the closure of lumber mills. In February 2022, prices reached a peak of $1,310.80. The lower prices seen today can be partly attributed to the current interest rates.
Experts believe that the high interest rates dissuade potential buyers from making new house purchases, leading to a normalization of the lumber market. The lower demand during colder weather conditions also contributes to lower prices. However, as summer approaches and demand increases, along with warmer weather and the prevalence of DIY projects, lumber prices are expected to rise.
Colton Harper, Co-Owner of Harper Customs, a contracting company, highlights the potential benefits for homeowners. At the current price of $558 per thousand board feet, homeowners can save up to $10,000 on their home improvement projects. This level of affordability allows homeowners to add equity, update their living spaces, and create a more pleasant home environment without having to contend with astronomical lumber prices and high labor costs.
Lumber retailers anticipate that as the summer months progress, lumber costs may surge by 10 to 15 percent. This projection reinforces the idea that now is the prime time for homeowners to take advantage of the favorable lumber prices for their upcoming projects.
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In summary, the price of lumber is currently at its most attractive level in years. With stability and affordability in the market, homeowners are encouraged to kick-start their spring home improvement projects. The average price per thousand board feet of lumber is $558, and this lower cost can lead to substantial savings for homeowners compared to previous years. However, experts caution that as summer arrives and demand increases, lumber prices are expected to rise. To make the most of these budget-friendly prices, homeowners should seize the opportunity and tackle their home improvement projects now.
