Prices for lumber managed to grab the headlines after an unprecedented sharp increase which currently threatens housing affordability across the United States.
“Lumber prices have skyrocketed nearly 250% since April 2020. This price spike has caused the price of an average new single-family home to increase by more than $24,000,” reported the National Association of Home Builders.
On Monday, the May futures contract price per thousand board feet of two-by-fours reportedly surged from $48 to $1,420. The moonshot reportedly caused lumber trading to halt for the day.