Lumber Prices Edge Up in May

As inventories issues continue to accumulate the supply chain is causing prices to increase.

Madison’s Lumber Reporter said for the week ending May 30, Western Spruce-Pine-Fir was up 1 percent, or $6, to $450 per thousand-board-feet from the week before. Compared to a month ago, it was also up 1 percent.

Year-over-year the increase was more dramatic, up 16 percent or $61 from $383 and looking at two years ago the increase was even more substantial: up 23 percent or $84.

Madison’s said that lower inventory levels at the buyer level helped drive up prices. “Across North America, the inventories of construction framing dimension softwood lumber and panel commodity items remained low enough that customers agreed to seller list prices for most of their purchases. Counter-offers were few as buyers often searched with multiple sources to find the wood they needed,” the newsletter reported.

These developments came as the housing market remained at recent historical low levels in the U.S., though there were some small upward trends in some parts of the country, it said. “Highly populated areas like the U.S. Northeast started to see an increase in home building activity as true summer weather finally arrived.”

In April 2025, Madison’s said the U.S. inventory of new single-family homes under construction was at an annual rate of 630,000, down 7 percent from a year ago. Housing completions for the month were at a seasonally adjusted annual rate of 1,458,000, down 6 percent from March and 12 percent compared to April of 2024.

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