- US lumber prices recently reached an all-time high of $1,048 per thousand board feet, up 193% from a year ago.
- The spike is driven by sawmills reducing production early on during the pandemic coinciding with the do-it-yourself building boom among Americans stuck at home.
- Also, the historically low for-sale housing inventory has increased demand for new construction housing.
- Wood price economist Dustin Jalbert doesn’t foresee lower lumber prices until home buying and/or new construction slows down.
