NORTH FORT MYERS, Fla .– After hitting record highs, lumber prices across the country are starting to drop.
“I think everyone is well aware that we have seen a good increase in lumber prices, luckily we are starting to see those prices go down,” said Art Seyffert, store manager of The Home Depot. “Not where they started, but they’ve seen a significant drop so that’s really encouraging.”
Tom Smythe, professor of finance at Florida Gulf Coast University, said demand for lumber has remained high, but said that with the potential for Tropical Storm Elsa, or other storms, to hit the Southwest Florida, demand could increase even more.
“There could be small incremental price increases, but with all of the abuse laws, retailers are urged to be very careful,” Smythe said.
“Any price increase that you might see as a result of the impending storm, it will not last after the storm itself occurs,” he added.
Seyffert said at his store in North Fort Myers, even if demand increased, they would not raise prices.
“We certainly wouldn’t want to raise prices because of a storm, we wouldn’t. The only way to charge more is if we have to pay more for it, ”Seyffert said.
It’s unclear how long it will take for lumber prices to return to normal, but Seyffert said he’s confident prices will continue to fall.
“I am very positive and I am confident it will continue to decline,” Seyffert said. “I don’t know if it’s going to go down very quickly, but even if it’s a few dollars a week that add up and hopefully we can get back to a pre COVID price.”