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

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.Random-length lumber futures hit a record high of $1,615 on Tuesday, a staggering sevenfold gain from the low in early April 2020. That’s a big deal because lumber is the most substantial supply that home builders buy.”I’ve never seen anything quite like this,” said Brant Chesson, the president and CEO of Homes By Dickerson, a Raleigh, North Carolina-based home builder. Chesson said his company would love to build more homes to meet surging demand but currently it can’t find the materials, or

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