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The US housing market has had an uneven go of it in 2023, as mortgage rates rose dramatically, soaring past 7.0% in August
Wood products sales are linked heavily to residential construction, and builders, with a keen awareness of the housing market, have not shown much confidence in recent months
Multifamily housing starts show some sign of life in late 2023, but the overall picture shows a different trend when compared to single-family
Despite slower population growth and lower household formation rates, there remains a shortfall in the housing market, particularly for starter homes in North America
Despite consistently high 30-year mortgage rates, builder confidence has grown through the year