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Lumber prices have tumbled 70% in the last 14 weeks following a blistering rally as record-setting demand slows
Aug. 15, 2021, 08:11 AM
For how steep the run-up was, lumber’s plunge has been even more disorienting.
Starting its ascent in late October 2020, lumber climbed to a peak of $1,711 over the course of seven months. But it took just 14 weeks to see all those gains erased.
The last 14 weeks have seen lumber swiftly give back its gains, with the latest prices – near $500 per thousand board foot – down 70% from its all-time high in May. Now, some analysts are calling a bottom while projecting flatter prices in the months ahead.
“We’re going to see a stabilization,” Mace McCain, CIO at Frost Investment Advisors, told Insider previously. “We’re out of the panic buying. We’re out of the massive industry shortages. We’re out of the extremes.”
- The last 14 weeks have seen lumber fall to around $500 per thousand board feet, down 70% from its all-time high in May.
- Now some analysts are calling a bottom while projecting flatter prices in the months ahead.
- Even if lumber prices normalize around $500, that’s still elevated compared to pre-pandemic levels.