The shortages that have plagued the building industry since the onslaught of the COVID-19 pandemic may be ending, according to White House economists.

After hitting an eye-popping price of $1,711 per thousand board-feet last month, lumber prices have fallen 38%—a sign economists Susan Helper and Evan Soltas say suggests that some materials shortages could be short-lived. Commodities tracked within the Producer Price Index rose 19% year-over-year in May 2021, the largest such increase since 1974, and lumber has quite notably led those increases. 

The skyrocketing price of lumber has led a record number of homebuilders to delay new construction, according to National Association of Homebuilders data, but it's not the only commodity in short supply. More than 90% of builders surveyed by NAHB also reported shortages of appliances and OSB, and exactly 90% reported a shortage of plywood. About 87% said there was a shortage of windows and doors.