Lumber prices continued on a downward trajectory this week, reaching $429.30 per thousand board feet on Sept. 27, the Wall Street Journal reported.
The price was in line with lumber costs prior to the pandemic, which sparked an unprecedented building boom and a huge surge in lumber costs. The $429.30 price was down approximately one-third from one year ago and down more than 70% from March.
The sharp decline also signaled a slowdown in construction, according to the Wall Street Journal.
Prices for lumber saw a brief spike earlier this month with the looming threat of a rail worker strike but quickly began to descend when the strike was avoided.
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