There’s good news on the horizon for timber frame builders. Prices on heavy timber are continuing to show a steady decline. As we’ve seen in recent years, prices were slow to rise in comparison to dimensional lumber, and the same is true as prices continue to drop slowly. Costs are expected to remain in a downward trend through the first quarter of 2023. The turnaround time for structural insulated panels has decreased significantly with a shorter lead time than we’ve seen in the past two years. Glulam materials, however, still have lengthy lead times thanks to production shortages. 

The housing market has cooled, leaving some potential home buyers pressing pause until mortgage rates reach more reasonable levels. In the meantime, supply is catching up with demand, creating a decrease in building costs, though we may not see a full rebound of home builder projects until 2024. But with improvements starting to take shape as mortgage rates begin to fall, timber costs decrease, and builders expect an increase in future projects, it seems the tide is beginning to turn.