The long-ailing U.S. housing market is facing a new headwind: a jump in the cost of lumber.

Lumber prices have climbed 32% on the futures market this year, a sudden and unexpected surge that could raise construction costs or force builders to swallow an added expense.

"That's the last thing we need right now," Stephen Melman, director of economic services at the National Association of Home Builders, said of the recent price hike.

Lumber's price rise contrasts with a decline in most other commodities, such as fossil fuels and industrial metals. Those are dragging due to fears of weaker demand amid a fragile recovery from the financial crisis.

But lumber prices shot up because of a shortage of supply. When the housing market cratered, mills in the U.S. and Canada cut production; output plummeted about 45% between 2005 and 2009, according to Random Lengths, an industry data provider

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