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.

“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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