Short Supply Causes the Prices of These Home Improvement Goods to Rise

Short Supply Causes the Prices of These Home Improvement Goods to RiseOver the last year, the prices of many home-improvement goods have risen by over 10%. These price hikes happen because many of them are in short supply. The new highs that the prices reached are not showing signs of going down anytime soon.

Which Products Are in Short Supply?

Some products that have become more expensive are appliances, paint, and fertilizer. The increased demand for home improvement items has resulted from the work-from-home boom. The higher prices are the companies’ response to shortages and rising shipping costs.

Appliances Are Hard to Find Due to the Computer-Chip Shortage

Home AppliancesMost electronics – from dishwashers and fridges to washers, were affected by the global semiconductor shortage. The problem got worse because of panic buying of appliances like freezers during the pandemic. In April, top retailers like Home Depot and Lowe’s had sold out freezers. According to Consumer Reports, the product is not expected to be available until mid-summer.

Freezers are far from being the only home appliances in short supply. About 90% of appliance-delivery dates have been delayed and prices have skyrocketed in recent months. Delivery dates for some refrigerators have been pushed into October. Also, entire remodeling projects have been delayed weeks just because of dishwasher deliveries.

In March, the president of Whirlpool in China, Jason Ai, told Reuters that the company had difficulty sourcing the processors which power more than half of its product lineup. This includes washers, microwaves, and fridges. According to executives from the Swedish appliance giant Electrolux, the increased time that people spent at home during the pandemic caused a “more intensive use of appliances and higher share of household budgets allocated to home improvement.”

The Texas Freeze Made Paint, Windows, and Vinyl Siding Costlier

paint buckets
The value of anything including resin — vinyl windows, PVC boards, plumbing pipes, and electrical conduits — has risen since the Texas storms. The February deep freeze in the state shut down resin plants.

The storm also caused a hike in prices of plumbing fixtures because of the need to repair an increased number of burst pipes. Besides, the storm reduced our nation’s capacity to refine petroleum, reducing the ability to manufacture paints.

Lumber Prices Led to a Boost in Flooring, Cabinet, and Deck Prices

Wooden planks
Record lumber prices are forcing companies to raise home-building prices. A new single-family home is now costing $36,000 more as compared to a year ago. Items made of wood are in short supply, and their prices are rising. Such products are cabinets, flooring, decking, and doors. The prices aren’t expected to see a slow down in this increase until well into 2022.

Outdoor Gear Is Also Getting More Expensive

Outdoor Gear
Increased interest in stay-at-home options, including staycations, has created a renewed interest in outdoor home improvement. Some unusual products that are in short supply are cushions for outdoor furniture. Lawn and garden-care products have also become costlier. The trend for the increased pricing of building materials is expected to last at least for the duration of this year.