NEW YORK – Lumber futures have dropped almost 50 percent from their 300 percent peak in May 2021, according to Nasdaq.
The fall came as mills restarted or ramped up production and some customers delayed purchasing until prices came down, the New York Times reported.
However, prices remain at more than double what they were a year ago, and mills have begun to restart or increase production.
Prices for steel, glass, PVC, metal studs, doors, and appliances also remain high. At the same time, builders are seeing higher labor costs and less interest from potential workers.
The Texas Real Estate Research Center has a wealth of economic information online for free.
Source: Houston Business Journal