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US lumber market slows due to high-interest rates and a fall in demand due to off-season
Posted on December 5, 2022 |
- The deliveries for the random-length lumber futures have been trading between $400 and $567 per 1,000 board feet since September.
- The growing US interest rates and offseason for construction demand weighed on new home purchases, which reduced lumber requirements.
- For January, the delivery of random-length lumber futures traded between $411.10 and $453.20 per 1,000 board feet since November 3.
- The $42.10 range is a nil condition for the lumber market because, on May 2021, it traded at $1711.20 and $1477.40 in March 2022.
- Rising US interest rates pushed conventional 30-year fixed mortgage rates from below 3% in late 2021 to over 7% in November 2022, which evaporated the number of new home buyers without cash and weighed on lumber demand for new home construction.
- The rapid increase of home prices over the past years priced out many potential buyers, further decreasing lumber demand.