flexiblefullpage - default
Currently Reading

Lumber Prices Fall to Lowest Level Since 2020

billboard - default
Building Materials

Lumber Prices Fall to Lowest Level Since 2020

Lumber prices have plummeted to their lowest level since June 2020 as builder confidence falls for the 11th consecutive month

December 7, 2022
Man in warehouse transporting lumber
Image: Stock.adobe.com

Lumber prices fell to their lowest level since June 2020 on Monday as surging mortgage rates continue to slow home sales and put a major dent in home builder confidence. The once red-hot commodity fell 9% in three days to a low of $382.80 per thousand board feet, down 64% year-to-date, Insider reports.

Existing home sales fell 6% month-over-month in October as a growing share of buyers refused to stretch their budgets in order to afford home purchases in a high-cost market, and the decreasing demand caused home builder confidence to fall for the 11th straight month to its lowest level in a decade.

All of this has put a dampened mood on the outlook of US home builders, who drive a bulk of the demand for lumber as they embark on new construction projects.

The report showed that builders are adding more buying incentives to spark sales of new homes, signaling how higher mortgage rates have taken a toll on prospective buyers. That's why any reversal in this year's sharp uptick in interest rates could have a strong effect in shoring up confidence in the US housing market. 

Read more

leaderboard2 - default

Related Stories


6th Annual Most Valuable Product Awards

Drumroll ... Please join us in celebrating our 6th Annual MVP Awards winners, which represent the best in innovative building products


Fortera Takes Concrete Steps to Reduce the Climate Impact of Cement

Clean-tech company Fortera, which uses technology to capture carbon emissions form cement manufacturing, will open its first commercial-scale operation on April 12, 2024, in California

Building Materials

Lumber Leads Building Materials Prices Higher in March

Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops

boombox1 -
native1 - default
halfpage2 -

More in Category

Home builders can maximize efficiencies gained through simplification and standardization by automating both on-site and back-office operations 

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.