spike in construction costs. Lumber prices, according to the National Association of Home Builders, increased by more than 300% since April 2020.
Demand for new homes, as well as demand for supplies for renovation projects and other factors, also kept costs high, experts say.
Prices have come down in recent weeks, but they are still significantly higher than before the pandemic.NEW ORLEANS - AUGUST 23: Volunteer construction workers with Habitat for Humanity build new homes August 23, 2006 in Upper Ninth Ward of New Orleans, Louisianna.