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What a difference a month makes! Lumber prices were at a staggering all-time high at the beginning of May. Over the last few weeks they’ve dropped more than 20%. In the securities world, that’s enough of a drop to call it a “bear market.” Prices are still much higher than they were before the pandemic, but they have ratcheted down substantially from their peak. Lumber prices topped $1,500 for a thousand board feet at the end of May, on May 28th. Since then, they have tumbled from their $1,515 high to $1,210, according to an industry trade publication cited by Fortune. (1) That’s a tad more than 20%. Lumber Prices Drop 20% This is great news for homebuilders and do-it-yourselfers who’ve stalled on projects because of the high prices. The National Association of Homebuilders says that the cost of lumber has added an extra $36,000 to the price of a new home, compared to April 2020. It also added about $119 a month for rent on a new apartment. In the midst of the current building boom, builders balked at the cost