Lumber Prices Are Falling — Here’s Why You Should Care
The price of lumber is falling, which should be particularly relevant to all Americans because lumber prices have come to symbolize our inflation and supply chain problems over the past year.
The housing industry “adjusted to the post-pandemic economy — just as rising mortgage rates are slightly easing demand for new housing,” Axios reported.
Stinson Dean, CEO of Deacon Lumber in Kansas City, MO, said the lumber industry “figured it out.”
They have increased staffing, and “trucking is loosening up, rail — which has been terrible all year — is just starting to ease, and production is increasing in the U.S. South every quarter,” Dean said.
Meanwhile, 54% of home builders said the rising mortgage rates are impacting their business.
“So far, higher rates haven’t led to more contracts getting canceled — but that’s a fear,” the outlet reported.