High lumber prices and Florida home buyers

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Lumber prices in Florida have recently hit all-time highs.

What do those burgeoning prices mean to home owners and buyers? Well, new builds will obviously cost more, while that kitchen reno or addition may mean digging a little deeper into the pockets.

Lumber will add about $9,000 to the cost of an average sized home today compared with about a year ago, according to the Tampa Bay Times. The cost of lumber has been blamed on everything from increased forest fires in Canada to transportation costs to tariffs.

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“Every piece of lumber is either delivered by rail car and/or a semi truck,” said Russ Hallenbeck, CEO of St. Petersburg-based Tibbetts Lumber. “”Lumber prices will fall from where they are now, but the economy keeps moving along; it remains vibrant. So as long as builders keep getting buyers to pay the prices they need, there will be pressure on lumber prices to remain above normal.”

A few clients have downsized their projects to make them fit their budgets or have put them off for a while to see if prices fall.

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