Rehabbers, home buyers slammed by soaring lumber prices

 Rehabbers, home buyers slammed by soaring lumber prices

Are you planning a home improvement project, an addition, or thinking about building a new home?

Buyer beware: The price of lumber is hitting all-time highs.

Larry Parker just experienced it. He walked into Lowe’s the other day to buy a sheet of OSB plywood for a home project he was doing at his home.

“When I put the OSB in my cart, it was $26.95,” he said.

By the time he got to the checkout, however, he says the price on the store’s digital signboard had changed.

“It ended up being $33.50,” he said.

Prices can go up in minutes

Welcome to 2021’s lumber price rollercoaster, where the price of a 2×4 board can jump in minutes due to a nationwide lumber shortage.

Fortune magazine says the price of wholesale lumber has risen over 200% in the past year, impacting everyone from DIY homeowners to high-end home builders.

Brad Olinger is president of Sterling Homes.

“The lumber we buy by the board foot was $400 a year ago, and now it’s up to $1,200, so…

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