The lumber bubble has popped, and prices are dropping dramatically for the building material.

According to Fortune magazine, lumber futures have fallen to about $500 per thousand-board feet, down 62% from $1,329 in January. Rising interest rates along with a slowdown in both the housing market and new home construction are factors in the lessened demand for lumber.

Lumber was in high demand throughout the COVID-19 pandemic as people increasingly spent money on home improvement projects and less on dining out and entertainment. Now that consumers are back to spending outside the home, demand for lumber is down.

This fluctuation likely provides an opportunity for good deals over the next few months as lumber prices eventually readjust back toward the norm.