Spiking Lumber Prices

Contractors have been struggling to get their hands on building materials due to the coronavirus pandemic

Bad news for homebuyers...but good news for those wanting to sell.

Good evening, i'm alan van zandt... the coronavirus pandemic has triggered a spike in home prices -- both newly built and those previously owned.

Kq2's danielle soxy explains how the cost of building a home has gone way up.

<<<the reason may be one you might not expect -- lumber... lumber prices have gotten way more expensive.porter's "i've been in the industry for decades, and i've never seen anything like this"that along with more d-i-y home projects, is causing lumber prices to spike...porter's "we've seen double the cost, sometimes 3x's the cost of where a product was a year ago."and that increase is being passed on to homebuyers in the form of higher prices for homes... realitor "the cost to build a new home right now is increasingly high.

Up to 15-20% higher than it was this time last year.

And that's because the cost of supplies, lumber, and the cost to get those supplies here on time has really gone up."

When the coronavirus pandemic began, construction of new homes almost came to a halt... but in recent months hardware suppy sales are booming..

Realitor "and so there's a shortage, and therefore the price continues to rise.

Which makes the homes that are already existing more valuable, becuase it's increasingly hard to build a home."contractors have been struggling to get their hands materials... porter's "went from days, to know 4 weeks, 5 weeks out; gauraunteed to get the whole product."owners are wondering if they put their market, if it would sell...but local realitors are saying now is the time to sell...realitor "the market has been extemely strong.

We've seen a huge up in home sales im particular.

It is a sellers market for sure.

The price of houses has been up, and despite covid, we have seen a market that has been setting records all summer long."reporting in st.

Joseph, danielle sachse, kq2 news>>> $184,000 is the average price of a home in st.

Joseph... up 24% more than this time last year, and is sold within 4