It appears that the bubble has burst.
Lumber prices are finally coming back down to earth, after a spring where they doubled, then doubled again.
Lumber futures fell more than 40% in June, as consumer demand dried up for $50 and $60 sheets of plywood that just last year were $20 each.
Home builders like Brad Olinger this spring had to tell customers the price of their new home would be going up by $30,000, just because of wood prices.
"Some lumber items we purchase were $400 a year ago, and now it's up to $1,200, so it is three times the cost," he said.
But now he and home rehabbers are getting a break, as lumber is now a bit more affordable again.
And shoppers are less likely to experience sticker shock when they walk down the lumber aisle at Home Depot or Lowe's.
Don't expect home prices to drop
But from the "doesn't that stink" file is why you shouldn't expect a dramatic drop in the price of a new home.
Other prices, from drywall to copper and steel, remain near all-time highs, meaning the cost of construction is still higher than it was a year ago.
And that stinks.
But with Americans now traveling again -- instead of just working on their homes -- builders are hopeful that decreased demand will finally mean lower prices for construction.
While this won't reduce existing home prices, it should finally offer new-home buyers and rehabbers a bit of a break, so you don't waste your money.
Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
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