Lumber prices normally go up in the spring, but this year lumber prices have been soaring to record highs.
The price increases are in part due to increased demand for lumber as everybody adds on home offices, outdoor work areas, and other spaces. There's also been some disruption in supply chain as Covid-19 forced closures at sawmills or reduced work forces throughout the lumber industry, and these factors have decreased the supply of lumber.
But here's the good news. Mortgage rates have plunged to record lows. So, if you're thinking of building a new home and plan to get a mortgage, this spring's ultra-low mortgage rates will offset the higher lumber prices. All in all, spring of 2021 might be the best time ever to get started on your new custom home.