A positive outcome of the cooling housing market is lower lumber prices.
Lumber is now priced at $605 per thousand board feet. This is a new low for 2022.
Prices for lumber are now down 47% for the year and are well below the 2021 peak of $1,733 per thousand board feet.
What’s causing this? Higher mortgage rates have slowed the pace of new home sales and remodeling projects.
Most experts believe that lumber prices will fall even further during the remainder of the year.