{"id":87518,"date":"2024-04-26T09:45:54","date_gmt":"2024-04-26T09:45:54","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/global-lumber-prices-experience-20-fall-in-one-month\/"},"modified":"2025-09-19T09:01:55","modified_gmt":"2025-09-19T09:01:55","slug":"global-lumber-prices-experience-20-fall-in-one-month","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/global-lumber-prices-experience-20-fall-in-one-month\/","title":{"rendered":"Global lumber prices experience 20% fall in one month"},"content":{"rendered":"

Lumber prices on the world market fall by 20 percent in just 4 weeks. This means that lumber costs around the same again as it did at the last low point in November 2023. Mortgage interest rates in the USA are rising to over 7%. The cost of buying a home is the highest on record, says the largest US mortgage lender Freddie Mac.<\/span><\/p>\n

Lumber prices plummeted to around $500 per thousand board feet. In mid-March, softwood lumber was still trading at around USD 620. A fall in the price of lumber of around 20 percent in just over 4 weeks.<\/p>\n

The last time wood prices were this low was in November 2023. The main reason for the fall in prices is the deteriorating demand outlook in the real estate sector in North America, which is extremely important for lumber.<\/p>\n

Recent releases showed that housing starts, a key indicator of future demand, in the world's two largest consuming countries, the United States and Canada, fell well short of forecasts in March. However, the low demand for lumber was accompanied by increasing production, report analysts at Trading Economics.<\/p>\n

Canadian lumber production alone grew by 16.4% year-on-year in January 2024. At this point in time, sales growth was already significantly lower at 11.2%.<\/p>\n

In addition, recent US economic data and hawkish statements from the US Federal Reserve (Fed) have significantly dampened expectations of interest rate cuts. But these would be extremely important for buying and building a house. The ongoing phase of tighter monetary policy is leading to very high mortgage interest rates and ultimately noticeably weakening the prospects for construction activity.<\/p>\n

US mortgage rates rise above 7%<\/strong><\/p>\n

According to the outlook from the largest US mortgage bank Freddie Mac, the forecasts for US real estate prices suddenly look very different than they did a month ago, reports the US business newspaper Fortune.<\/p>\n

A series of unexpectedly high inflation figures at the beginning of the year dashed hopes that the Fed would cut interest rates soon. This led to a steady rise in US bond yields and mortgage rates.<\/p>\n

Last week, Fed Chairman Jerome Powell confirmed market fears by saying interest rates would remain at their current levels \"for as long as necessary\" due to the robust labor market and the progress still needed on inflation.<\/p>\n

The 30-year fixed-rate mortgage rose to over 7% this year, Freddie Macs said. High real estate prices and high mortgage interest rates had already prevented many Americans from purchasing or building property.<\/p>\n

The cost of owning a home is officially the highest on record, US real estate broker Redfin said recently.<\/p>\n

In March, it was forecast that the Fed's rate cuts could begin as early as the summer, with mortgage rates staying above 6.5% in the second quarter and then falling in the second half of the year.<\/p>\n

Recession and crisis in the US housing market<\/strong><\/p>\n

Freddie Mac estimates prices will rise just 0.5% in 2024 and 2025 after that, the mortgage giant said in its analysis. That's a significant drop from the March forecast, which called for house prices to rise 2.5% in 2024 and 2.1% in 2025.<\/p>\n

The forecast for 2024 has been revised downwards, particularly compared to the beginning of the year, when prices were expected to rise by 2.8%. \u201cWhile the demand for housing is there, they face the challenge of high mortgage rates and a shortage of homes for sale,\u201d Freddie Mac said.<\/p>\n

\u201cWe expect these challenges to continue in 2024, particularly if there are no significant rate cuts, allowing the rate lock effect to persist and keeping total home sales volumes below 5 million in 2024.\u201d<\/p>\n

\u201cHousing is in recession while the rest of the economy is booming,\u201d real estate broker Redfin said.<\/p>","protected":false},"excerpt":{"rendered":"

Lumber prices on the world market fall by 20 percent in just 4 weeks. This means that lumber costs around the same again as it did at the last low point in November 2023. Mortgage interest rates in the USA … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":49943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-87518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nGlobal lumber prices experience 20% fall in one month - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/global-lumber-prices-experience-20-fall-in-one-month\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global lumber prices experience 20% fall in one month - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"Lumber prices on the world market fall by 20 percent in just 4 weeks. 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