Lumber prices plunged around 66% last year as the result in decreased demand by home builders and the faltering US housing market. As a result the price of lumber plummeted to less than $400 per 1,000 board feet as of January 2023 from over $1,200 in March 2022. Predictions are that lumber’s troubles will likely continue through 2023 as weak demand for new construction is expected. Whether this and market pressures will halt the rise in new home prices remains to be seen, but it will certainly help homeowners and remodelers to lessen their building costs.
