The slowdown in the U.S. housing market is causing lumber prices to plummet. Nationally, lumber prices fell 12% the week ending June 3 and are down 47% year-to-date, representing a 65% decline from 2021’s record high of $1,733 per thousand board feet, according to the National Association of Home Builders (NAHB). That could be good news for prospective homebuyers, who have watched lumber prices skyrocket during the pandemic, adding more than $18,600 to the average price of a new single-family home in the past year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 4:

• New Listings decreased 2.1% to 1,772
• Pending Sales decreased 13.7% to 1,077
• Inventory increased 7.9% to 6,968

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale increased 9.1% to 1.2

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.