Lumber prices, which reached record-highs of $1,670 per thousand board feet in May, fell more than 40% in mid-June to around $900, according to the Wall Street Journal.
The plunge follows record price surges induced by limited supply mixed with soaring demand caused by the pandemic. Prior to the pandemic, lumber sold for around $400 per thousand board feet, according to Markets Insider.
A New York Times report cited a surge of sawmill activity to meet the demand as a factor for the recent price plunge, as well as a cooling in demand.
The surging cost of lumber over the past year has added nearly $36,000 to the price of a new single family home.
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