Record Lumber Prices Build as U.S. Housing Booms

The video discusses a significant 60% surge in lumber prices, driven by high demand and supply chain constraints. Analysts predict no relief until late 2021. The surge is exacerbated by sawmill production issues, trucking delays, and worker shortages, leading to increased costs for consumers. The US home building peak is expected to worsen these constraints, with costs adding over $24,000 to new home prices. The pandemic has fueled demand for DIY projects and larger homes, with nearly half of US homes selling within a week. Lumber prices are expected to remain high for months.

What is the main reason for the record high lumber prices in 2021?

• Increased production in sawmills

• Government regulations on timber

• High demand with no expected relief

• Decrease in construction activities

Which factor is NOT contributing to the increased costs in the timber supply chain?

• Worker shortages at lumberyards

• Trucking delays

• Excessive timber supply

• Sawmill production issues

How much has the cost of an average new house increased due to rising material costs?

• $50,000

• $5,000

• $10,000

• $24,000

What has the pandemic sparked in terms of housing trends?

• A wave of DIY projects and home purchases

• A reduction in home sizes

• A decrease in home renovations

• A decline in housing demand

What percentage of US homes are selling within a week of hitting the market?

• 25%

• 50%

• 75%

• 10%