Posted To: MND NewsWire

Well, that turned on a dime. Lumber prices, which had risen more than exponentially during the pandemic and were a problem even before, have started dropping like a 2 x 12 of clear pine. Those prices, which peaked at $1,670 per thousand board feet on May 7, added, according to the National Association of Home Builders (NAHB), $35,872 to the price of an average new single-family home, and $12,966 to the market value of a multifamily unit. The closing price Monday on the futures market was $897.90. Even at that price, lumber is still expensive in historic terms . From 2012 through the spring of 2020 prices exceeded $500 only briefly in 2018. In fact, on April 1, 2020, the closing price was $260. But the current decline has been swift, and there are signs it is picking up speed. It has dropped…(read more)

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Source: Mortgage News Daily