Just under half of American lumber suppliers and manufacturers say they're sitting on excess inventory.

A survey from John Burns Real Estate Consulting found that 49 percent of lumber companies had extra lumber capacity in July.

No company described their supply as "very tight", a sharp change from April, when 40 percent said their inventories were "very tight", reported Bloomberg. 

Lumber prices have come down from the extreme levels seen a few months ago. Prices have fallen below $500 per thousand board feet, according to Random Lengths - a 69 percent drop from the more than $1,500 peak in late May. 

Many of North America's largest lumber producers reported record sales for the quarter, including West Fraser, Canfor, Resolute Forest Products, and Weyerhaeuser.

Weyerhaeuser said its performance represented its "strongest quarterly results on record."