Lumber price forecast 2024 the latest lumber price forecast 2024

The latest lumber price forecast 2024 points to modest gains, underpinned by improving U.S. construction demand. Chicago Mercantile Exchange data shows contracts edging higher week-over-week. If mortgage rates ease to below 6%, seasonal building activity could lift benchmarks above $ What’s more, the critical home-renovation market, which boomed during the pandemic helping to lift lumber prices, is also showing signs of weakness. HomeDepot saw its U.S. comparable sales sink 3.2% in the first quarter, for example. One of the reasons for the drop was “softer engagement in larger discretionary projects…such as kitchen and bath remodels,” Billy Bastek, the retailer’s executive vice president of merchandising, noted on its May earnings call. KEY LUMBER PRICES AND MARKET CONDITIONS TAKE-AWAYS: Lumber price forecast 2024 gained attention after major mills announced scheduled maintenance shutdowns. Reduced output in July–August could exacerbate supply constraints, potentially pushing spot prices over $590 if buyer activity accelerates.