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Lumber prices begin dropping slowly after record highs during COVID-19 pandemic

Prices are expected to continue to drop as more people head back to the office and construction slows down after the summer.

MAPLE VALLEY, Wash. — Lumber prices are slowly dropping after skyrocketing to record highs during the COVID-19 pandemic.

TRM Wood Products in Maple Valley was one of just a small number of businesses that did not suffer because of the pandemic.

When lumber prices increased, business never slowed down.

"People grumble no matter what, [but] people continued to keep buying," said John Morris, the owner and president of TRM Wood Products.

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Business for TRM was steady, even busy at times, as people who were stuck at home during the pandemic worked on their decks and other projects that required wood.

Morris said that even though prices are starting to crack, it is not going to make a huge difference for people looking to buy wood products in stores.

"We're able to confidently tell our customers that some items are coming down," said Morris. "But from a consumer standpoint, you're not going to see a decline, if you will, right off the bat. This will be kind of a norm for a little while, I think anyway."

NPR reports prices are dropping for a few different reasons. First, sawmills have been able to increase production as the pandemic slows down. Second, some of the people who were working from home are now back at their workplaces and not spending as much time on home projects.

Some experts predict lumber prices are expected to drop more during the colder months as construction slows down.