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U.S. lumber prices fell by 5% in August showing signs of normality in the housing market
Posted on August 8, 2022 |
- Lumber prices fell by 5% to $495 per thousand board feet. The essential building commodity prices soared to $1,733 per thousand board feet due to high demand for homes and supply chain woes that troubled sawmills across Canada, since the start of the pandemic
- But since May 2021, the commodity is on a downhill, with a decline of 71%, which deteriorated more in 2022 as higher mortgage rates alleviated the profitable housing market, which boosted lumber demand as homebuilders sought to cash in on the demand spike.
- The housing market is likely to normalize as lumber prices are expected to be at a trading range of $200-$600 per thousand board feet same as before 2020.