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Building Materials Prices Fell for the Third Consecutive Month in September

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Building Materials

Building Materials Prices Fell for the Third Consecutive Month in September

Prices for building materials like softwood lumber and steel mill products are posting consecutive monthly declines, while prices for ready-mix concrete are on the rise

October 13, 2022
Pallets of lumber in lumber yard
Image: Stock.adobe.com

Building materials prices fell 0.3% in September, the third consecutive monthly decline since June, according to the most recent Producer Price Index (PPI) report. The last three months have seen the largest three-month drop since April 2020, with prices of inputs to residential construction down a total 2.3%, NAHB Eye on Housing reports.

The PPI for softwood lumber fell 2.9% in September following a 5.2% drop in August, while prices for steel mill products decreased 6.7% in September and have fallen 16.1% over the past four months. Prices for ready-mix concrete, on the other hand, climbed 1.4% higher in September for the sixth consecutive month, and that index is up 11.6% year-over-year.

The price index of services inputs to residential construction decreased 0.8% in September, driven by lower building materials wholesalers’ margins and freight transportation prices.  Services prices have declined each of the last six months by a combined 12.4% and are at the lowest level since 2021. Despite the six-month decline, the PPI for services inputs to residential construction is 3.3% higher than it was in September 2021.

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