By Diana Olick | CNBC
Lumber prices hit a record high on May 7, at $1,670.50 per thousand board feet on a closing basis.
That was more than six times their pandemic low in April of last year.
Steel mill products, used as inputs to steel building materials, jumped in price by about 70% in the first few months of 2021 and have yet to level off.
The price of lumber on the futures market has given up all of its gains for this year, falling by more than 50% in just the last few months. Homebuilders, homebuyers and homeowners looking to remodel, however, are not seeing savings yet.
Lumber prices hit a record high on May 7, at $1,670.50 per thousand board feet on a closing basis. That was more than six times their coronavirus pandemic low in April of last year.
The spike was due to sudden soaring demand and low supply both due to the pandemic. Saw mills closed at the start and did not ramp up production quickly enough to meet the new demand from builders and remodelers. Homebuyers and homeowners alike wanted more space, and that meant more lumber.
