U.S. Lumber prices are down 52% with growing interest rates

Lumber futures for July delivery fell by 52% to $695.10 per thousand board feet from a high in early March and the wood prices have dropped, too.
The framing composite index, which tracks cash sales, fell by 12% last week to $794, which is down from $1,334 in March.
The average rate on a 30-year fixed-rate mortgage grew by 5.1% last week from 3.1% at the start of the year and the sales of newly built homes fell by 16.6% in April from March to the lowest level since April 2020.
Lumber buyers have delayed their orders and timber is stacking up at mills, which are cutting prices.
12% of dealers had low to very tight inventories of lumber and wood panels in April, which is a decrease of 61% compared to a year earlier.

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