According to NAHB Eye on Housing, prices for building materials declined 0.2% in October after down by 0.5% in September, while the price index for services used in residential construction fell 0.7% in October, marking the seventh consecutive month of declines this year. Softwood lumber prices decreased 1.7% in October and are down 41.3% from their March levels, although being 4.4% higher than they were a year earlier.
Price declines for steel mill goods were 6.6% in October and 21.6% since May 2022, bringing the index to its lowest point since May 2021. On the other hand, while the rate of growth has decreased over the last three months, the PPI for ready-mix concrete increased 0.4% in October.