Lumber futures have fallen for 10 consecutive sessions, their longest losing streak since December 2024. The lumber price trades near $586 after a sharp rejection from the $650 resistance zone. The slide matters well beyond the timber trade. Lumber demand tracks US homebuilding almost one to one, and the streak arrived while builder confidence sits near multi-year lows. …Two weeks ago, however, the market told the opposite story. Futures touched $650 per thousand board feet on July 28, a 12-month high. The rally had gained over 30% from December lows as supply shocks piled up. …US construction spending on single-family projects fell 3.3% year-over-year in June, per TradingEconomics. Therefore, a market falling this hard against a constrained supply base points to demand destruction, not oversupply. The demand rot shows up across housing data. The NAHB/Wells Fargo Housing Market Index (HMI) fell to 34 in July, its 15th straight month below 50. That is the longest weak stretch since 2012.