US lumber prices fell by 7% as new home sales were down 8% in June

Posted on August 1, 2022   |  

• In June, lumber prices decreased by 7% to $531.90 per thousand board feet as new home sales fell at a seasonally adjusted annual rate of 8.1% to 590,000, which is the lowest monthly sales since April 2020.
• Lumber prices fell by 28% from their July high as the housing market continues to stall due to higher mortgage rates and the decline in homebuilding activity is due to lumber prices' year-to-date fall of 53%
• Lumber prices are likely to experience more drops if the slowdown in housing continues.

Image: msn