Lumber prices finally are cooling a bit as lumber mills ramp up production to meet the frenzied demand

Home prices are soaring, pushed higher by a combination of record-low mortgage rates, strong demand from buyers and a lingering lack of new construction.

In 2021, a new factor put pressure on home prices: Month after month, lumber prices jumped to new highs. Lumber costs soared more than 30 percent from January through May.

However, lumber prices finally are cooling a bit as lumber mills ramp up production to meet the frenzied demand. In June, futures prices for lumber dropped below $1,000, off 45 percent from their springtime peak.

Even so, the National Association of Home Builders says steep lumber prices still tack thousands of dollars onto the cost of a new home, an unwelcome increase for buyers already struggling to find homes they can afford. The trade group has lobbied President Joe Biden and Congress to end tariffs on Canadian wood sent to the United States.

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