Lumber Prices Reach Record Heights Causing Home Prices To Surge
The price of lumber has skyrocketed to a record high and four times its usual price at this time of year, causing a spike in homebuilding costs, The Wall Street Journal reported.
Lumber futures, or the market price for wood, reached a record $1,500.50 per thousand board feet on Friday, according to The Wall Street Journal. A board foot, the unit used to measure lumber, equals one square foot of wood with one inch of thickness.
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