(CNBC) – Doug Yearley, CEO of luxury homebuilder Toll Brothers, told CNBC on Wednesday that lumber prices coming off record highs will serve as a tailwind in the face of other “cost pressures.”
“Lumber is down $40,000 a home. We’re going to see the benefit of that in the second half of ’22,” Yearley said on “Mad Money.” ”[Lumber] got crazy high. We knew it would come back,” he added. “We’ve been very happy with how quickly it’s come back. I think it’s going to stay down.”
In May, lumber prices hit an all-time high of over $1,700 per thousand board feet, an explosive surge from a pandemic low below $300 less than a year earlier. Lumber settled around $500 on Wednesday.
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