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US lumber prices skyrocket 250% as Covid drives home-buying demand higher

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.