In recent months, lumber prices have surged by an unbelievable 308% since the start of the COVID-19 pandemic to a record high of $1,459 per thousand board feet.
As Fortune noted, the “scarcity of a formerly plentiful and cheap commodity” has further constrained the much-needed construction of new homes as “Homebuyers across the nation are up against one of the tightest housing markets in modern history.”
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