Core Insights - The U.S. housing market has reached a record value of $55.1 trillion in June 2025, marking a $20 trillion (57%) increase since 2020 [1] - The growth rate has slowed to 1.6% over the past year compared to the rapid increases seen from 2020 to 2022 [2] Regional Performance - The Northeast, particularly states like New York, New Jersey, Pennsylvania, and Illinois, has experienced significant growth, with New York alone contributing $216 billion to the total U.S. growth [3] - In contrast, states like Florida, Texas, and California have seen a cooling in their housing markets, attributed to rising home insurance costs and property taxes, exacerbated by climate change-related natural disasters [4] Mortgage Rates and Housing Inventory - Mortgage rates have increased from a low of 2.65% in January 2021 to a peak of 7.79% in October 2023, with the average rate for a 30-year mortgage at 6.26% as of September 18, 2024 [5] - In New York, housing demand has outstripped supply, with inventory at half of pre-pandemic levels, while new construction in the Sun Belt states has created "pockets of affordability" for first-time buyers [6] Home Prices - As of July 31, the median sale price for a home in the U.S. was $373,333, and the average home value was $363,505 as of August 31 [7]

Core Insights - June 2025 saw a continued increase in home sales, marking the fifth consecutive month of growth, with a 1.3% rise from May and a 5.7% increase year-over-year [1][6] - Inventory levels also increased, with homes for sale up 3.9% month-over-month and 30.1% year-over-year, indicating a more favorable market for buyers [1][14] - The median sales price reached $440,000, reflecting a 2.8% increase from May and a 2.1% increase from June 2024 [1][10] Sales Activity - The overall number of home sales increased by 5.7% compared to June 2024 and by 1.3% from May 2025 [6] - Chicago experienced the highest sales growth, with a 12.9% increase from June 2024 [3] - New listings decreased by 12.8% from May 2025, but were still 1.4% higher than June 2024, marking the 16th consecutive month of year-over-year growth [2][4] Inventory Trends - Active inventory rose significantly, up 30.1% year-over-year across the surveyed metro areas [2] - The months' supply of inventory increased to 2.7 months, up from 2.1 months in June 2024 [8][14] - Markets with the highest months' supply included Miami, FL at 7.4 months and Honolulu, HI at 5.9 months [14][16] Pricing Dynamics - The average close-to-list price ratio was 99%, consistent with May 2025 but down from 100% in June 2024 [8][12] - The markets with the largest year-over-year increases in median sales price included Cleveland, OH at +9.0% and Anchorage, AK at +8.5% [10][11] Market Highlights - Notable increases in new listings were observed in Fayetteville, AR (+24.9%), Las Vegas, NV (+18.7%), and Manchester, NH (+16.8%) [4][5] - Conversely, significant decreases in new listings were reported in Trenton, NJ (-25.2%) and Philadelphia, PA (-24.0%) [4] - The markets with the highest year-over-year sales increases included New Orleans, LA (+17.1%) and Manchester, NH (+16.1%) [6][9]

Financial Performance - The company's total shareholder return was 347% in the five years ending December 2024[4] - The company's last twelve months (LTM) revenue was $6.6 billion[4] - The company's revenue compound annual growth rate (CAGR) from 2019 to LTM is 7%[4] - The Wood Products division's LTM revenue was $1.78 billion with a 15.1% LTM EBITDA margin, up from 8.8% in 2019[40] - The Building Materials Distribution (BMD) division's LTM revenue was $6.1 billion, with an 8.8% CAGR from IPO in 2013 to LTM[49] Capital Allocation and Share Growth - The company has invested $1.58 billion in the company via M&A/Capex and $1.35 billion in shareholder returns since 2019[4] - The company's sales per housing start have grown at a 5% CAGR[32] - The company's laminated veneer lumber (LVL) market share is 40% of industry production, and I-joist market share is 37% of industry production[41] Market Position and Strategy - Independent pro dealers account for 49% of the company's customer segments[36] - Engineered Wood Products (EWP) account for 62% of the Wood Products division's LTM sales[41] - General line products account for 43% of the Building Materials Distribution (BMD) division's LTM sales[50]