Lumber futures fell back below $570 per thousand board feet in September, reflecting the struggles in the US housing market. Builders are scaling back new construction amid a recent inventory glut and growing economic uncertainty, while the Trump administration’s fluctuating stance on tariffs for imported lumber over the past few months has added further volatility. Meanwhile, a significant gap remains between the number of homes for sale and the demand from Americans seeking housing. Affordability challenges have caused many buyers to withdraw in recent months, keeping construction activity muted throughout 2025. However, recent cuts in US interest rates, along with prospects of further easing, have helped curb some of the losses. Without a substantial increase in new home demand, the subdued pace of construction is likely to persist, as builders continue to compete with the steadily growing inventory of existing homes. [END]