Lumber prices are becoming more normal again.
After soaring this Spring to record levels, they have lowered back to near pre-pandemic levels.
The current price for 1000 board feet of lumber is $577. This is 62% below the price this past May when it reached an all-time high of $1,515.
In the years leading up to the pandemic, prices tended to be between $350 and $500.
While this is great news for consumers and home builders, the prices aren’t drastically lower yet in the lumber aisle at your local big-box hardware store.
This is because many retailers are still selling through their inventory of lumber which they purchased at higher prices.
However, for the long term, home buyers will benefit from the more normal lumber prices that now exist in the market.