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Lumber prices had been cooling in recent weeks. However, lumber producers warn price hikes likely are on the horizon if the Western wildfires aren\u2019t contained.<\/span><\/span><\/span><\/p>\n<\/div>\n NEW YORK \u2013\u00a0Dozens of raging wildfires in the West are threatening to send lumber prices soaring again.<\/span><\/span><\/span><\/p>\n Lumber prices had been cooling in recent weeks, giving builders \u2013 and, ultimately, new-home buyers \u2013 hope for more affordability. Remodeling costs also were set to benefit. But the relief may be short-lived, as lumber producers are warning price hikes are on the horizon if the Western wildfires aren\u2019t contained.<\/span><\/span><\/span><\/p>\n Canfor Corp., one of the largest lumber producers in North America, said this week that the company is scaling back output at its mills,\u00a0The Wall Street Journal<\/em>\u00a0reports.<\/span><\/span><\/span><\/p>\n \u201cThe wildfires burning in western Canada are significantly impacting the supply chain and our ability to transport product to market,\u201d said Stephen Mackie, an executive vice president at Canfor. Other companies also are predicting a large-scale pullback in lumber production because of wildfires burning all along the West Coast.<\/span><\/span><\/span><\/p>\n Stock traders bid up lumber futures this week by the daily maximum amount exchange rules allow, the\u00a0Journal\u00a0<\/em>reports.<\/span><\/span><\/span><\/p>\n Earlier this year, amid crushing buyer demand, lumber prices reached a record high in May. But since then, they’ve fallen nearly 70%. The median price of a new home in May was up 18% from a year earlier, according to Census Bureau data. At the time, high lumber costs were blamed for soaring new-construction costs.<\/span><\/span><\/span><\/p>\n\n