After drifting lower from mid-September to mid-November, lumber prices are on the rise again. Prices peaked at an all-time high of roughly $950 per thousand board feet in September before gradually moving down to around $550 per thousand board feet last month.
However, according to Random Lengths, lumber prices are now above $650 per thousand board — up nearly 20% over the past four weeks.
Elevated lumber prices since mid-April have added thousands of dollars to the cost of new single-family homes and apartment units.
Indications are that lumber producers are reducing production heading into the slower winter building season, even as new residential construction continues to outpace seasonal norms.