{"id":87938,"date":"2024-07-26T08:45:45","date_gmt":"2024-07-26T08:45:45","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/us-lumber-prices-rise-20-in-july-rally-comes-completely-unexpectedly\/"},"modified":"2025-09-19T09:02:29","modified_gmt":"2025-09-19T09:02:29","slug":"us-lumber-prices-rise-20-in-july-rally-comes-completely-unexpectedly","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/us-lumber-prices-rise-20-in-july-rally-comes-completely-unexpectedly\/","title":{"rendered":"US lumber prices rise 20% in July-rally comes completely unexpectedly"},"content":{"rendered":"

US lumber prices rose by 20% in mid-July. Before that, lumber prices had fallen to their lowest level in one and a half years. The price increase was triggered by significantly more housing starts in the USA and falling mortgage interest rates.<\/span><\/p>\n

US lumber prices rose above US$500 per 1,000 board feet at times this week, recovering from a one-and-a-half-year low of US$419 on July 15 (see chart). This represents a huge jump in global lumber prices of almost 20% in just a few days.<\/p>\n

\"\"<\/a>The price rally was triggered by rising demand expectations for lumber in the US. There were also signals from the US Federal Reserve (Fed) that falling inflation and a cooling labor market could lead to interest rate cuts in the near future. This in turn would be reflected in lower bond yields and falling mortgage rates.<\/p>\n

Last week, the current interest rate for a 30-year fixed-rate mortgage in the US fell to a four-month low of 6.77%. Most importantly, both building permits and housing starts in June exceeded analysts' latest estimates, indicating a recovery in the mood of homebuilders in the US.<\/p>\n

As inflation eases and financial markets expect a rate cut in September and further cuts in November and December, mortgage rates will continue to fall, further boosting the housing market and lumber demand.<\/p>\n

The interest rate on the 30-year fixed-rate mortgage was last at 6.77 percent, after rising from a six-month high of 7.22 percent in May, data from mortgage agency Freddie Mac showed. The housing market was hit hardest by the Federal Reserve's aggressive tightening of monetary policy to curb inflation.<\/p>\n

More construction starts again \u2013 interest rate developments will be decisive<\/strong><\/p>\n

The US Department of Commerce released a report last week showing that new housing construction in the US increased significantly in June.<\/p>\n

According to the report, housing starts rose 3.0 percent in June to an annual rate of 1.353 million, after falling 4.6 percent to a revised rate of 1.314 million in May.<\/p>\n

Economists polled by Reuters had expected housing starts to rise 2.6 percent to 1.310 million, compared with 1.277 million originally reported the previous month.<\/p>\n

Multifamily housing starts rose 19.6 percent to an annual rate of 373,000, according to the Commerce Department . Single-family housing starts, which account for the bulk of housing construction, fell 2.2 percent last month to a seasonally adjusted annual rate of 980,000 units, the lowest level since last October, the Commerce Department's Census Bureau said.<\/p>\n

\" Builders are pulling back on single-family homes as they anticipate an economic slowdown,\" said Jeffrey Roach, chief economist at LPL Financial on LPL's website. \"High mortgage rates continue to weigh on potential buyers, but demand for condos appears quite robust.<\/p>\n

\"Multifamily projects are supporting the construction industry after it was somewhat stagnant earlier this year,\" he added. \"We could see a slight recovery in single-family projects if the Fed cuts rates and mortgage rates also come down.\"<\/p>","protected":false},"excerpt":{"rendered":"

US lumber prices rose by 20% in mid-July. Before that, lumber prices had fallen to their lowest level in one and a half years. The price increase was triggered by significantly more housing starts in the USA and falling mortgage … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":84537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716],"tags":[],"class_list":["post-87938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends"],"acf":[],"yoast_head":"\nUS lumber prices rise 20% in July-rally comes completely unexpectedly - 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\/us-lumber-prices-rise-20-in-july-rally-comes-completely-unexpectedly\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US lumber prices rise 20% in July-rally comes completely unexpectedly - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"US lumber prices rose by 20% in mid-July. 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