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A closer look at how the lumber shortage is impacting the housing market

Because of the lumber shortage some folks have put building their dream home and other projects on hold. The shortage has also impacted the housing market.

CORPUS CHRISTI, Texas — A few residents right here in the Coastal Bend shared with 3News that they have made the decision to put off building their homes or other projects due to the high price of lumber.

Shayne Schroeder with the Coastal Bend Builders Association and owner of his own custom home company says right now there’s a low supply of lumber, but a high demand.

“Last year this time a 8 foot 2 by 4 was about $2.70 and right now it’s $8.00. A sheet of half inch OSB was about $8.20 and it’s almost $49.00 a sheet right now,” said Schroeder.

“The trees and the material is there, it's just getting it produced and to the market. There’s some lumber mills that are shut down or running at diminished capacities.”

Schroeder says lumber isn't the only material in short supply.

“But of wiring, electrical components, breaker boxes, breakers fixtures things like that you know plugs and switches and things and same thing in PVC and things like that,” said Schroeder. “It’s there but it takes a while to get it.”

Schroeder says these shortages have resulted in less projects and longer time to complete them.

“A house that I have going right now I ordered the decking and the second-floor plywood about eight weeks ago to make sure I have it," said Schroeder.

Not only are those building their dream home from scratch feeling these impacts but also those who might be shopping around for a new home or for their first.

Jessica Hall and Laura Macdonald with Bayside Realty Group say there’s not enough homes to match the demand.

“We have a decrease in new construction homes. Currently we only have 52 brand new homes listed right now,” said Hall.

“Everyone that is aging into 32 to 36 right now which is your first time home buyer we do not have enough houses for that population then you throw on your investors, people that have to move for their jobs for relocation for school districts for their children whatever the case may be,” said Hall.

They say the lumber shortage, prices going up on houses, and not enough new houses; are making the market competitive.

“I personally have clients who have had to lease now, an apartment or home because we couldn’t find anything or we were losing in multiple offers,” said Macdonald.

Macdonald and Hall say it’s been a rough year for home buyers and Schroeder says when it comes to the price of lumber getting better he’s keeping his fingers crossed.

“There hopefully will be relief, but it’s going to be a while,” said Schroeder.

For the latest updates on coronavirus in the Coastal Bend, click here.

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