Lumber prices have begun leveling off after a summer of huge spikes, KHNS reports.
Lumber prices reached a peak of $948 per thousand board feet on Sept. 7. As of Nov. 9, lumber prices had declined to $589 per thousand board feet, according to Business Insider.
The price of lumber began climbing rapidly after the outbreak of COVID-19 due in large part to transportation difficulties, closures and high demand, according to an analysis by AG Week.
An analysis of the Bureau of Labor Statistics’ October 2020 price index report by Yield Pro found that prices for softwood lumber declined 8.0% in October. However, softwood lumber prices were up 68.7% compared with October 2019.
Hardwood lumber prices increased 1.9% in October, and were up 1.3% compared with October 2019, according to Yield Pro.
The National Association of Home Builders found that the surge in lumber costs have added $16,000 to the price tag of a single-family home since mid-April.
