April 2025 lumber report: Pricing eases (for now)
As April waned and talk of potential tariffs on Canadian lumber entering the U.S. faded, prices of North American construction framing dimension softwood lumber settled down to proper levels given existing supply-demand conditions.
The fact that demand remained quite soft, particularly for the time of year when new home building normally would be increasing, was lost on no one.
The recent shift in buying by U.S. customers toward Southern Yellow Pine and away from Spruce-Pine-Fir had topped out, with prices responding out of correction mode. There remained more questions than answers--specifically regarding macro-economic conditions and the ongoing muted housing starts. While some uncertainty was resolved, expectations for coming spring building season remains unclear.
In the week ending April 25, 2025 the price of Western Spruce-Pine-Fir 2x4 #2&Btr KD (RL) was $470 mfbm, which is flat from the previous week when it was $470, according to forest products industry price guide newsletter Madison’s Lumber Reporter. That week’s price is down -$71, or -13%, from one month ago when it was $541.
Compared to the same week last year, when it was $408 mfbm, that week’s price was up +$62, or +15%. Compared to two years ago when it was $360, that week’s price was up +$110, or +31%.
Key lumber prices and market conditions takeaways, April 2025:
- The lumber market was characterized by low-key but stable trading.
- Commodity prices varied significantly between primary and secondary suppliers, further sidelining buyers.
- More consistent trading ranges were hammered out; buyers and sellers worked together to get deals done.
- Takeaway remained subpar, thus Canadian Western S-P-F sawmills continued to quietly accumulate material.
- Already-reticent buyers held off making purchases in hopes of further price corrections.
- Substantial demand for Eastern S-P-F was reported.
- Demand for Southern Yellow Pine continued to outperform that of the rest of the North American lumber market.
- Among the busiest buyers of SYP were treaters, who make up a large portion of the market base and played a large role in keeping prices elevated.
The Madison’s Lumber Prices Index for the week ending April 25, 2025 is: $508 mfbm. This is down -1%, or -$5, from the previous week when it was $513, and is down -10%, or -$59, from one month ago when it was $567.
U.S. single-family homebuilding in March dropped -14.2% compared to February, to a seasonally adjusted annual rate of 940,000 units, but was up +1.9% compared to March 2024.
In March 2025, the inventory of new single-family homes for sale under construction in the United States was at an annual rate of 263,000, down -5% year-over-year. This represents a -6% decrease from the peak count set in October 2024. The total new single-family home inventory, including those under construction and completed, was 503,000, a +7.9% increase compared to March 2024.
March housing completions were at a seasonally adjusted annual rate of 1,549,000, a -2.1% decrease from February's revised rate of 1,582,000, but a +3.9% increase compared to March 2024's rate of 1,491,000. Single-family housing completions were at a rate of 1,029,000, a +0.9% increase from February's 1,020,000.
Established in 1952, Madison’s Lumber Prices is a premiere source for North American softwood lumber news, prices, industry insight and industry contacts. The weekly Madison’s Lumber Reporter publishes current Canadian and U.S. construction framing dimension lumber and panel wholesaler pricing information 50 weeks a year and provides access to historical pricing as well.
Kéta Kosman is editor, owner and publisher of Madison's Lumber Report. She covers breaking news for the softwood lumber market.
