(WHTM) — Lumber prices are finally beginning to fall after reaching record-high levels in April and May this year.
On May 2, 2021, lumber prices reached close to $1700 per 1000 feet of wood, an amount enormously higher than normal prices that averaged around $200 to $300 per 1000 feet in years prior.
The pandemic in 2020 saw demand for home renovation projects skyrocket, and this greatly caused the shortage in wood available in stores. Tariffs on lumber from Canada also affected the supply.
According to the National Association of Home Builders, a home built during the lumber shortage costs an average of almost $36,000 extra, an incredibly high price for a housing market that has been soaring as more and more people were looking to buy or build houses.
The re-opening around the country has helped ease the demand for lumber, with people adjusting their focus towards vacations and other activities instead of home renovations.
Lumber is just one of the many industries that saw complications during the pandemic, and it seems that the toughest challenges that the lumber companies were facing are behind them.