Lumber prices have begun to settle after hitting a record high of $1,515/thousand board feet in May.
Prices fell to $472 in the first week of August, comparable to summer 2018 prices.
The adjustment has been attributed to producers ramping up supply as developers and buildings planned project delays or switched to other building materials. That materials shift, however, also caused price increases in other construction inputs, such as steel. Bloomberg reports international steel producers have, so far, not increased production.
Single-family and low-rise multifamily projects had been hardest hit by the lumber price spikes and were most likely to have experienced delays. (Source)