<p><img src="https://static1.businessinsider.com/image/60bfc51ca7202d0018b8dcb6-2400/GettyImages-823094300.jpg" border="0" alt="home depot construction renovation" data-mce-source="Scott Olson/Getty Images" data-mce-caption="CHICAGO, IL - JULY 26: A customer's lumber sits on a cart at a Home Depot store on July 26, 2017 in Chicago, Illinois. A shortage of single-family homes for sale in the U.S. is driving up home prices and causing many home owners to renovate rather than move, which is driving up earnings and stock prices for home improvement retailers."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Devin Stockfish, the chief executive of <a href="https://markets.businessinsider.com/stocks/wy-stock">Weyerhaeuser</a>, the largest lumber producer in the US, on Tuesday said the sky-high price of the commodity is a blip that is unsustainable.</p><p>"I don't think $1,000 lumber prices are the new normal," Stockfish told the <a href="https://reit.cventevents.com/event/9ac7b1ee-9a29-4267-90e9-9084f918d0f0/summary">Nareit REITweek 2021 Investor Conference</a>, <a href="https://www.bloomberg.com/news/articles/2021-06-08/bitcoin-drops-more-than-5-in-renewed-cryptocurrency-selloff">Bloomberg</a> reported.</p><p>He continued: "With that being said, when you think about the amount of housing we're going to have to build in the U.S. over the next three, five, 10 years, that's just a significant amount of demand for wood products."</p><p><a href="https://markets.businessinsider.com/commodities/lumber-price'utm_source=markets&utm_medium=ingest" target="_blank" rel="noopener">Lumber</a> prices have <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-crash-btc-behind-lumber-copper-dow-jones-sp500-2021-6-1030502810">soared in the past year as housing markets around the world boomed</a> during the coronavirus pandemic, with the random-length price rising around 40% in 2021. </p><p>Lumber stood at over $1,168 per 1,000 board feet on Tuesday afternoon.</p><p>"We're going to continue to look for timberland opportunities," Stockfish said. "Every deal that comes to market, we're looking at, so I would expect us to continue to be active on that front."</p><p>The Seattle-based company owns 11 million acres of timberland in the US.</p><p>Shares of Weyerhaeuser closed lower on Tuesday by 0.36%, at $35.57.</p><p><a href="https://markets.businessinsider.com/news/stocks/lumber-price-today-not-new-normal-weyerhaeuser-ceo-devin-stockfish-2021-6-1030505376#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/kosher-passover-coca-cola-bottles-yellow-cap-bottle-soda-retail-food-drink-jewish-jews-2017-4">Why some Coca-Cola bottles have a yellow cap</a></p> Click here to read full news..