The joke I saw yesterday:
Lumber traders coping with concept that it literally grows on trees
But to answer your question, probably. Two reasons why:
1) My feeling is this isn't actual, long-term inflation. It's inefficiencies in the supply chains caused by reopening significantly quicker than originally anticipated.
2) This seems to be backed by the markets. The futures contracts on lumber are:
Jul - $1,397
Sep - $1,262
Nov - $1,108
Jan - $1,083
Mar - $1,043
May 22 - $943
July 22 - $943
Before things went cuckoo, lumber was at like $375 +/- $75 going all the way back to the early 90s. $1,400 isn't going to be supported long term. It can't be.
A lot of people are going to be really screwed when they're left with these late 2021 $1,000+/1k-foot contracts. Good luck closing those even money.