North American lumber prices are down 28% in 3 weeks as the housing market cools.

In Chicago, lumber futures dropped below $1,000 per 1,000 board feet for a sixth straight time, which is the longest slump since January and the biggest weekly loss since July.

Lumber futures fell by 28% from their early March high of $1,357 per 1,000 board feet as new home sales plunged for the 2nd straight month in February.

The fall in prices is linked to the slowing down of the DIY sector due to high wood prices, as people spend their money on other things like travel.

Flooding in British Columbia disrupted lumber supplies and raised prices in late 2021, and volumes that were stuck at mills in western Canada will move more quickly in better spring weather, resulting in more supplies in the market after months of tight inventories.