Lumber prices are up more than 400% from last year.
The pandemic triggered a surge of home remodeling. New home construction also took off while, at the same time, lumber supplies were disrupted.
The result? The price of a new home is $36,000 higher.
"A sheet of OSB has quadrupled in price and it's up even more since the end of our fiscal quarter," said Home Depot President Ted Decker.
"We have plenty of wood fiber in the supply chain. The relative bottleneck is in the sawmill cutting capacity."
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And Decker doesn't see a lot of capacity coming online so, as soon as lumber product reaches stores, it sells.
Expect to see strong demand and higher prices continue for now.