Lumber prices have turned negative for the year as the home improvement boom cools
Summary List Placement Lumber prices have dropped into negative territory for the year after two months of dramatic falls, as the home improvement boom cools and producers increase supply to meet demand. On Monday lumber futures for September delivery fell 5.6% to $712.90 per thousand board feet, Bloomberg data showed. The fall took prices 0.6% below where they started the year. Lumber soared in the first few months of 2021 as Americans stuck at home due to the pandemic renovated their houses and a booming property market added to demand. Prices peaked at more than $1,730 per thousand board feet in May as suppliers struggled to keep up. The rocketing price of lumber captured the attention of the market as a sign of the way the COVID-19 pandemic was throwing the economy out of whack. But since the May peak, prices have plunged almost 60%. Analysts have said that the loosening of coronavirus restrictions has caused consumers to spend less on home improvements such as new yard decking and more on services like eating out and haircuts.
Lumber prices have turned negative for the year as the home improvement boom cools
Summary List Placement Lumber prices have dropped into negative territory for the year after two months of dramatic falls, as the home improvement boom cools and producers increase supply to meet demand. On Monday lumber futures for September delivery fell 5.6% to $712.90 per thousand board feet, Bloomberg data showed. The fall took prices 0.6% below where they started the year. Lumber soared in the first few months of 2021 as Americans stuck at home due to the pandemic renovated their houses and a booming property market added to demand. Prices peaked at more than $1,730 per thousand board feet in May as suppliers struggled to keep up. The rocketing price of lumber captured the attention of the market as a sign of the way the COVID-19 pandemic was throwing the economy out of whack. But since the May peak, prices have plunged almost 60%. Analysts have said that the loosening of coronavirus restrictions has caused consumers to spend less on home improvements such as new yard decking and more on services like eating out and haircuts.