If you were buying lumber, June 13 was a good day with spot prices and futures down to $528 per thousand board feet, the lowest they've been since early September 2021. But now they've headed back up.
If you're in construction or development, take a deep breath because the changes aren't like they were in April 2021, when prices broke the $1,600 mark and left construction industry professionals feeling very broke.
"We are seeing the market's initial reaction to price cuts since March," Alex Meyers, Mickey COO, tells GlobeSt.com. "We can assume lumber prices will fluctuate within the $400 to $600 range due to continued demand and a significant backlog of mill orders. As interest rates begin to peak and home building starts slowing, prices would likely start pushing the other direction."
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