Lumber prices recently hit record highs and remain sharply elevated above last year’s prices. Attributed to trade disputes with Canada, wildfires, and limited rail capacity, lumber prices reached an all-time high of $639 on May 17th and closed as high as $588.80 per 1,000 board feet last Tuesday. The increase represents a jump of approximately 70% from last year.
Homebuilder Hovnanian Enterprises (NYSE: HOV) reported its fourth quarter and fiscal-year 2017 results before the market opened this morning. Revenues and net income both fell for the quarter and full-year, though less than analysts expected, resulting in a mid-day gain of 6.7% on the company’s stock.