Should I build now, or wait till next year?

My family is planning to build a new house for ourselves on some property we own. Plans are finished and we were planning to break ground in May, and get the house enclosed by the winter.

Unfortunately, material prices, in particular, wood, have become very expensive in the past year. Our budget has ballooned by 27k at current prices.

Will prices come back down by next year? Does it make more sense to wait right now, from a financial perspective? I’m particularly concerned by issues like increasing interest rates for the portion we’ll borrow, and inflation.