U.S. lumber prices fell by 5% in August showing signs of normality in the housing market

Lumber prices fell by 5% to $495 per thousand board feet. The essential building commodity prices soared to $1,733 per thousand board feet due to high demand for homes and supply chain woes that troubled sawmills across Canada, since the start of the pandemic
But since May 2021, the commodity is on a downhill, with a decline of 71%, which deteriorated more in 2022 as higher mortgage rates alleviated the profitable housing market, which boosted lumber demand as homebuilders sought to cash in on the demand spike.
The housing market is likely to normalize as lumber prices are expected to be at a trading range of $200-$600 per thousand board feet same as before 2020.

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