In early 2013, lumber prices came close to the housing bubble highs due to a surge in demand from increased housing starts and supply constraints as framing lumber suppliers worked to bring more capacity online. But the pricing surge has steadied, and prices were even down in 2015 even with the pick up in housing starts, according to Calculated Risk Blog's Bill McBride.

Calculated Risk's graph depicts two measures of lumber prices: 1) Framing Lumber from Random Lengths through May 2016 (via NAHB), and 2) CME framing futures. Currently, Random Lengths prices are up about 15% from a year ago, and CME futures are up about 20% year-over-year.

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