Lumber prices plunged to their lowest level in more than two years following the Federal Reserve’s 75-basis-point rate hike last week, as soaring mortgage interest rates and the slowdown in the US housing market have caused lumber demand to cool rapidly this year. The Wall Street Journal reports lumber futures are down about one-third from a year ago and have fallen more than 70% from this year’s peak in March.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 24:

• New Listings decreased 20.2% to 1,273
• Pending Sales decreased 29.4% to 983
• Inventory increased 0.4% to 9,039

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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