Real Estate

Lumber prices top $1,000 as single-family housing starts drop 12%

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A contractor frames a house under construction in Lehi, Utah, U.S., on Wednesday, Dec. 16, 2020. Private residential construction in the U.S. rose 2.7% in November.

George Frey | Bloomberg | Getty Images

Consumers want more newly built, affordable homes, but builders are finding that hard to deliver, especially as prices for framing lumber spike ever higher.

Lumber prices inched above $1,000 per 1,000 board feet Thursday morning before falling back below that milestone, according to Random Length Lumber Futures for March. The high of $1,004.90 is double the price from just three months ago and a record.

Higher lumber costs are likely behind a drop in January housing starts. Starts of…



Source cnbc.com

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