A contractor works on the roof of a house under construction in the Stillpointe subdivision in Sumter, South Carolina, on Tuesday, July 6, 2021.
Micah Green | Bloomberg | Getty Images
The price of lumber on the future’s 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…