by Calculated Risk on 10/05/2021 04:03:00 PM

Here is another monthly update on framing lumber prices.  

This graph shows CME random length framing futures through October 5th.

Lumber was at $645 per 1000 board feet this morning.  

This is down from a peak of $1,733, and up from $557 a year ago.

Click on graph for larger image in graph gallery.

Lumber price are up 15% year-over-year.

There were supply constraints over the last year, for example, sawmills cut production and inventory at the beginning of the pandemic, and the West Coast fires in 2020 damaged privately-owned timberland (and maybe again in 2021).  

The supply constraints have eased somewhat.

And there was a huge surge in demand for lumber (demand remains strong).