Lumber prices plummeted 75% since May 2021, reaching pre-pandemic levels due to reduced home renovations and construction projects.
Lumber prices have plummeted 75% since May 2021, matching pre-pandemic levels, according to Random Lengths. The decline is attributed to a post-pandemic 'hangover' and a significant drop in U.S. housing affordability, causing a slowdown in home renovations and construction projects. Spot prices fell from $1,514 per thousand board feet to $366, with futures prices for July declining 28% to $466.
June 30, 2024
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