Random-length lumber prices have jumped nearly 20% in the past four weeks to more than $650, the National Association of Home Builders reports.
The spike follows signs that lumber prices were beginning to level off after surges following the coronavirus outbreak.
Lumber prices reached an all-time high of $950 per thousand board feet in September before gradually lowering to $550 per thousand board feet in November.
The rising prices of lumber have added thousands of dollars to the cost of new single-family homes and apartment units, NAHB stated.
The U.S. recently announced it would reduce duties on shipments of Canadian lumber from 20% to approximately 9%. The reductions are expected to go into effect this month.
NAHB said the reductions could aid the price volatility the lumber market has been experiencing.
The full NAHB report can be found here.
