Lumber prices in the U.S. are dropping after record high in May

FARGO, N.D. (Valley News Live) - The lumber prices in the U.S. are dropping after record highs in May. However, despite those drops, there are some in the industry that are still concerned over how much it still costs.

“I mean if you compare the prices right now to what they were 18 months ago, you’re still three, four hundred, 500% higher in price than what it was.” said Seth Carlson, the owner of Dakota Timber Company.

Prior to the pandemic, the price for lumber sat around $330 per 1,000 feet in March, according to Markets Insider. Fast forward to May this year and the price has nearly increased by six times. Carlson doesn’t see lumber dropping to pre-pandemic levels anytime soon.

“Like people can’t kid themselves, construction lumber at the big box stores and at the major lumber suppliers is insane right now. I mean it would have to drop a huge amount just to get to where it was 18 months ago.” said Carlson.

The increase earlier this year caused some to put off projects of dream homes and decks. Carlson says that doing the project yourself might be your best option for the time being.

“If you are willing to do the work yourself that’s where you’ll save the money. If you are just doing a small project around the house, or doing a deck or whatever, that’s going to save you money. Right now because I wouldn’t bank on construction lumber prices getting significantly cheaper for a while.” said Carlson.

According to Markets Insider, the price of lumber closed on Thursday at $904.90 per 1,000 feet.

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