Last week lumber hit a low of $480.40 per thousand board feet. That's its lowest level since July of 2020, when lumber traded as low as $465 per thousand board feet. Lumber prices are on track for their 13th consecutive weekly loss after falling by more than 9%.
The price of lumber tanked by 40% in July, making it the worst month on record since 1978. Economists say the numbers make sense and lumber is going through an equilibrium stage.
At its peak, the price of lumber hit a high of $1,670.50 per thousand board feet on a closing basis earlier this year in May.