US lumber prices fall toward multi-year lows on low housing market

US lumber prices fell toward multi-year lows on Thursday, falling 4% to $382 per thousand board feet as the industry continues to seek a balance in supply and demand. The decline on Thursday came after the pending home sales index unexpectedly declined 5.2% in March to 78.9, according to the National Association of Realtors. The index, which is based on signed contracts, fell to its lowest level since December. Economists were expecting an increase of 0.5%. "The lack of housing inventory is a major constraint to rising sales. Multiple offers are still occurring on ...