Realtor® Magazine released an article this week acknowledged the recent tumble of lumber prices, to the lowest level in 2022!
Lumber fell below $800 per thousand board feet on Monday, and prices are down 30% to date this year.
It might not be time to celebrate yet, while lumber prices are down, they are up significantly from historical levels.
According to National Home Builders Association data, volatile lumber price swings have been blamed for pushing up the average price of a single-family home, causing more than $18,000 of that over the past year.
“We expect prices in the long term to be challenged with the affordability and rising interest rate headwinds,” Kyle Little, COO of Sherwood Lumber, told Market Insider.