I think it will come down some but no where near where it was a couple of years ago. Politics of both parties. Between the new (or vastly increased) import tax on Canadian lumber and not likely to ease restrictions on logging in the US. Each could be argued as good/bad but either way, effect will be higher lumber prices.
Sitting here in the middle of millions of acres of farmed timber it's hard to believe that regulations about the logging of old growth have a lot of effect on lumber prices but I'll defer to people who are more knowledgeable about it.
But the time required to grow lumber even under the best conditions would have to play into it.