The US housing market in 2024 has softened under the weight of high mortgage rates and economic uncertainty. …In terms of construction activity, single-family housing starts have shown modest growth, running at an annualized rate of 1 million units for the August-October period, 4.5% above last year’s pace. Conversely, multifamily starts have trended lower, down 15% from a year ago. Looking ahead, falling mortgage rates and improving builder confidence signal a potential upturn. However, the interplay of affordability and supply expansion, particularly for middle-income buyers, will be pivotal. …Federal policy changes will influence bond markets and mortgage rates, indirectly shaping the housing landscape. Builders remain cautiously optimistic. …These developments will be closely watched for their impact on housing—and, by extension, pallet demand, as framing lumber prices are a key leading indicator for low-grade lumber.