Current Lumber Shortage Takes No Toll on the Housing Market
Even with the lumber shortage and rising prices homeowners are still investing in their homes. Home Depot reported in May that their stock surged 20% so far in 2021.
“We continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects,” Home Depot chairman and CEO Craig Menear said in a press release.
Menear says that the housing industry is steady and strong and will only continue to strengthen since COVID-19 restrictions are being lifted. More buyers are getting out there and looking and more sellers are eager to list their homes.
“The current shortage of new housing clearly is helping to drive improvements in the home values, which is a good thing for spending in the home,” he added.
According to many other reports released, data shows continued demand for housing. Buyer demand is up and mortgage rates still remain at historic lows. Even with the shortage of lumber and other things such as a bottleneck in shipping appliances, new homes are still being built. The demand still sharply outways the current housing inventory.
