Most analyses of lumber price trends and levels fail to account for inflation. Adjusting for inflation shows that, although the historical price differences are smaller in real terms than nominal, the inflation-adjusted price of lumber set records in both 2020 and 2021. …Lumber prices began soaring shortly after the pandemic hit the United States in early-2020.  The Random Lengths Framing Lumber Composite Price increased roughly 175 percent between April and September, setting all-time highs each of the final nine weeks over that span. …After adjusting for inflation, the average price of framing lumber in 2021 was 17 percent above its 25-year average and broke the prior record set in 1996. This was adjusted using the U.S. Bureau of Labor Statistics Producer Price Index for softwood lumber.