{"id":87782,"date":"2024-06-28T07:27:48","date_gmt":"2024-06-28T07:27:48","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/us-lumber-prices-continue-to-fall-as-construction-market-is-still-weak\/"},"modified":"2025-09-19T09:02:19","modified_gmt":"2025-09-19T09:02:19","slug":"us-lumber-prices-continue-to-fall-as-construction-market-is-still-weak","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/us-lumber-prices-continue-to-fall-as-construction-market-is-still-weak\/","title":{"rendered":"US lumber prices continue to fall as construction market is still weak"},"content":{"rendered":"

The downward trend in US lumber prices continues. <\/span>The reason is the collapse in housing starts and building permits. Added to this are very high mortgage interest rates, high house prices and very expensive land.<\/p>\n

US lumber prices collapsed sharply on Thursday , falling to $475 per thousand board feet. At the beginning of the week, prices had risen slightly in anticipation of improved lumber sales, breaking the $500 mark.<\/p>\n

In March, lumber prices had even reached a value of USD 620 per 1,000 board feet. This was the highest value since May 2022. Since then, the market has completely turned around and lumber prices have plummeted by 25% since March. This is the lowest lumber price in over a year.<\/p>\n

The reason for the price drop was new US data showing weaker demand for lumber and other materials for housing construction: Housing starts in the US unexpectedly fell by -5.5% in May compared to the previous month to a four-year low of 1.277 million, falling well short of analysts' expectations of an increase to 1.370 million.<\/p>\n

May building permits, an indicator of future construction activity and lumber demand, also unexpectedly fell -3.8% from the previous month to a nearly four-year low of 1.386 million, also falling further short of expectations for an increase to 1.450 million.<\/p>\n

This is also the lowest level of building permits recorded since June 2020 - in the midst of the Covid pandemic. This data triggered a real market shock and caused lumber prices to plummet on Thursday.<\/p>\n

Fewer and fewer building permits, high interest rates<\/strong><\/p>\n

Building permits are also a good indicator of future construction starts, so a weakness in this indicator is not a good signal that more construction starts will be made in the near future. In addition, the oversupply in the multi-family housing sector has led to a sharp decline in new construction compared to the previous year.<\/p>\n

The result is that the mood among home builders fell significantly in June. It was the second decline in a row after the benchmark was unchanged in March and April, but fell significantly short of analyst expectations.<\/p>\n

The National Association of Homebuilders (NAHB) attributes the collapse in housing starts to higher interest rates, a chronic labor shortage and a lack of developable land.<\/p>\n

Although interest rates for 30-year mortgages have recently fallen slightly by 8 basis points, they are still at a very high level at around 6.94%.<\/p>\n

Home builders are trying to counteract the very high mortgage rates by lowering the prices of newly built homes. According to the NAHB, 29% of all US home builders said they have lowered prices, while 61% are offering additional services. It seems to have not helped.<\/p>","protected":false},"excerpt":{"rendered":"

The downward trend in US lumber prices continues. The reason is the collapse in housing starts and building permits. Added to this are very high mortgage interest rates, high house prices and very expensive land. 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