November 2025 Whole House Commodity Report

By Don Magruder

The RoMac Building Supply Whole House Commodity Index (Index) for November 2025 reversed October’s minimal gains with a decline of .4 percent to $50,759. With the government shutdown, housing and inflation data have been limited to the private sector, but the numbers being reflected continue to suggest the housing market remains weaker than anticipated. Recent quarterly financial reports by larger national providers indicate the housing market downturn may be slightly accelerating as the year ends. 

The issues with housing remain: economic uncertainty, affordability, higher interest rates, and pressure on labor due to the immigration crackdown.  The new concern that could emerge is the health of Wall Street, as an increasing concern over an AI bubble could put the stock market in correction, fueling more fear in the market.  The high-wage earner has been the biggest part of the housing market this year, and if their portfolios begin to feel pressure, the housing market could suffer further.  Moody’s recently reported an analysis that suggests almost half of the states are in recession, and ATTOM™ reports foreclosures year over year in September are up 19.43 percent nationally, with Florida leading the nation.  

In short, housing headwinds are still blowing.

The following are the notable price movers over the last 30 days.

1. CDX pine plywood is up 6.5 percent on tariffs from Brazil and mill curtailments in the United States, while OSB sank $10 per thousand or 4.6 percent on domestic overcapacity.

2. Spruce lumber was mixed.  2x4 dimensional spruce was down 5.3 percent, and studs were down 4.5 percent, while 2x6 dimensional spruce rose 1.5 percent.

3. Pine lumber was also mixed depending on size.  2x4 spruce was down 5.9 percent while 2x6 pine added 9.1 percent and 2x12 jumped 5.5 percent.  Pine treated followed by a decrease of 4.6 percent. 

4. Trusses dropped 1.9 percent due to the decline in 2x4 pine, but plates and staplers were up for the month to offset some of the increases. 

5. House wrap was up 9.4 percent on tariffs, as well as aluminum ridge vent, which added 9.0 percent on increased tariffs. 

6. Roof shingle pricing eased down 1.7 to 5.5 percent on slower demand and increased competition.  

At some point, there will be a supply capitulation in the commodity markets if the housing market remains challenged, and mills will be forced to curtail more or even close. 

The holidays typically are a slower time for pricing in the markets, and there is a belief that the new year will usher in some higher pricing, especially for products directly affected by tariffs and increased labor costs. Since last year, this Index has increased by a meager .4 percent and has stayed in a somewhat narrow range despite a better spring than fall. This indicates the likelihood of decline or less than increases, and builders quoting jobs in the spring should hedge for cost increases.  

Here’s to a Happy Thanksgiving to you and your family, and may you have a blessed holiday. 

The RoMac Building Supply Whole House Commodity Index is based on wholesale costs of the base components to build a 2,200-square-foot wood frame home with a concrete stem wall in Central Florida. The Index includes foundation, metal, concrete, block, stucco, cement, wood framing, siding, sheathings, trusses, roofing, drywall, insulation, windows, doors, trim, garage doors, and most building hardware. It does not include décor, electrical, plumbing, mechanical, landscaping, or labor. Because the Index uses current wholesale costs, this should be a strong indicator of the direction of building prices for the next 30-45 days.

Don Magruder is the Chief Executive Officer of RoMac Building Supply in Central Florida.

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