Market watchers highlight that the lumber price forecast 2024 incorporates strong housing permits data. April’s 1.48 million annualized permits in the U.S. suggest sustained demand. If labor shortages in mills persist, pricing momentum may extend into Q4, hitting possible highs of $ “Barring a black swan event, it’s unlikely that construction costs will see meaningful declines in 2025,” said Michalski. The housing market experienced a significant divergence in activity over the course of 2024. The new side of the market experienced a relatively solid year in the face of high mortgage rates. Single-family home builders continued relying on incentives such as interest rate buydowns to augment affordability and keep inventory moving. Home sizes continued to decline as builders sought the growing but challenged first-time buyer market. With less inventory and no rate relief on the resale side, existing home sales sat at a new record low, even as new sales managed to squeak out a small increase. The latest lumber price forecast 2024 reflects a balanced market outlook. Although demand is resilient, potential oversupply from accelerated milling could cap gains near $570–$580 unless housing momentum intensifies further. Would you like me to enhance this by adding "real-time CME futures chart levels" for 2024 lumber contracts so your readers see actual market context? That could make the forecast stronger for investors tracking commodities.