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Report from
North America
Home sales fell in March - a slow start to spring home
buying season
Sales of previously occupied US homes fell in March to
their slowest pace nine months, as easing mortgage rates
failed to motivate home shoppers during what’s
traditionally been the busiest time of the year for the
housing market.
Existing home sales fell 3.6% last month from February to
a seasonally adjusted annual rate of 3.98 million units, the
National Association of Realtors said. Sales also fell 1%
compared with March last year, weighed down by declines
in the Northeast and Midwest.
The latest sales figure fell short of the roughly 4.06 million
pace economists were expecting, according to FactSet.
“Lower consumer confidence and softer job growth
continue to hold back buyers,” Lawrence Yun, NAR’s
chief economist, said in a statement.
Sales have been hovering close to a 4-million annual pace
now going back to 2023. That’s well short of the 5.2-
million annual pace that’s historically been the norm.
Regionally, the Northeast saw an 8.5% decrease in sales
month-over-month to an annual rate of 430,000, down
12.2% year-over-year. In the Midwest, there was a 4.2%
decrease in sales month-over-month to an annual rate of
920,000, down 3.2% year-over-year. In the South, March
sales decreased 3.1% month-over-month to an annual rate
of 1.86 million, up 2.2% year-over-year. And in the West,
sales fell 1.3% month-over-month to an annual rate of
770,000, up 1.3% year-over-year.
The US housing market has been in a slump dating back to
2022, when mortgage rates began to climb from
pandemic-era lows. Sales of previously occupied US
homes remained stuck last year at 30-year lows. They
have remained sluggish so far this year, declining in
January and February versus a year earlier. Until recently,
mortgage rates were easing, lowering borrowing costs for
homebuyers.
Mortgage rates started ticking higher in March as the war
with Iran sent energy prices surging, heightening worries
about higher inflation. The rise in mortgage rates led Yun
to lower his 2026 existing US home sales forecast. He now
projects sales will rise 4% this year, down from his
previous forecast of a 14% increase.
See: https://www.nar.realtor/newsroom/nar-existing-home-sales-
report-shows-3-6-decrease-in-march
Canadian housing starts dropped in March
Canadian housing starts posted a surprise decline in
March, falling 6% from the previous month, data from the
national housing agency showed.
The seasonally adjusted annualized rate of housing starts
decreased to 235,852 units from a revised 250,961 units in
February, the Canada Mortgage and Housing Corporation
(CMHC) said. Economists had expected starts to rise to
255,000.
“March housing starts data point to a continued loss of
momentum in housing construction, broadly in line with
CMHC’s housing market outlook. While actual starts
increased compared to a year ago, this largely reflects the
exceptionally low level of construction activity in the first
quarter of last year,” said Mathieu Laberge, CMHC’s
Chief Economist and Senior Vice ‑President, Housing
Insights.
Housing data from the US government beyond January
has been delayed, the Census Bureau announced April 17.
No reason for the delay was given, but the Bureau
indicates February and March data will be available in
coming weeks.
See: https://www.cmhc-schl.gc.ca/professionals/housing-
markets-data-and-research/housing-data/data-tables/housing-
market-data/monthly-housing-starts-construction-data-tables
Strong showing for job market
The US added a greater-than-expected 178,000 jobs in
March and the unemployment rate fell a tick to 4.3% —
signs that the labor market is holding firm even as the
economy undergoes another spasm of uncertainty tied to
the Iran war.
The increase in employment March, the biggest in 15
months, was padded by the return of 31,000 striking
nurses. Better weather last month may have also helped.
The surge in hiring is unlikely to last, economists say. The
war in Iran has added fresh uncertainty and could make
businesses more hesitant to hire. The effects of the war
will probably be felt more in the April employment report.
Still, the rebound in hiring in March suggests the labor
market is in decent, if not great, condition.
The economy added 68,000 jobs a month from January to
March, reversing a decline in employment at the end of
last year. Economists rely on the three-month average to
glean recent hiring trends. Construction companies hired
26,000 workers in March as the weather improved, but
employment was basically flat over the past year.
Employment in manufacturing showed little change over
the month.
See:
https://www.bls.gov/news.release/archives/empsit_03062026.htm
Consumer sentiment hits a record low
US Consumer sentiment fell in April to the lowest level
recorded in the 70-plus-year history of the University of
Michigan’s survey, evidence of Americans’ concerns that
the Iran war will hit the domestic economy.
The survey’s initial April reading came in at 47.6, versus
53.3 in March. Analysts polled by The Wall Street Journal
were expecting a drop to 52. The April reading is below
the previous low point of 50 recorded in June 2022, when
the economy was facing searing inflation.
The initial April results are based almost entirely on
interviews that took place between March 24 and April 6,
before a tentative cease-fire took hold. The survey will be
updated with a final April reading later this month, based
on more recent responses. The darker economic mood was
widespread across people of different ages, income levels
and political affiliations, said Joanne Hsu, the survey’s
director. “Many consumers blame the Iran conflict for
unfavorable changes to the economy,” she said.
Hsu added that if the cease-fire holds and allows gas
prices to moderate, spirits could rebound. “Economic
expectations will likely improve after consumers gain
confidence that the supply disruptions stemming from the
Iran conflict have ended and gas prices have moderated,”
she said.
Near-term inflation expectations rose sharply. Potentially
more worrying for the Federal Reserve, there also was a
smaller increase in long-term inflation expectations.
See: https://www.sca.isr.umich.edu/
US manufacturing strong amid Iran conflict
US manufacturing expanded in March for the third
consecutive month, with the ISM Manufacturing PMI
rising to 52.7%, its highest reading since August 2022,
but the Iran war drove input prices to their steepest level in
nearly four years and introduced fresh disruptions to
supply chains.
Thirteen of the 18 manufacturing industries surveyed by
ISM reported growth in March including the Wood
Products sector. The Furniture & Related Products sector
was among three industries reporting contraction over the
month. Furniture & Related Products also reported
declines in new orders, production, and employment for
the month.
See:
https://www.woodworkingnetwork.com/news/woodworking-
industry-news/manufacturing-pmi-527-wood-products-increases-
overall-furniture
February cabinet sale rise but trail 2025 levels
Cabinet manufacturers reported increases in sales across
the board in February after a slow January. Total sales
rose 7.3% in February to US$166.8 million, with custom
sales growing 5.8%, Semi-Custom sales rising 7.9%, and
stock sales gaining 7.2% as cabinet quantity rose 9.3%.
However, all sales were well below those of a year ago.
Sales were down 9.1% versus February 2025 and are
down year to date by 10.4% through the first two months
of the year.
See: https://kcma.org/insights/february-2026-trend-business-
report
Anti-dumping rate on bedroom furniture from China maintained
The US Department of Commerce announced April 13
preliminary findings in its latest administrative review of
anti-dumping duties on wooden bedroom furniture from
China, covering the 2024 calendar year.
According to the Commerce Department’s International
Trade Administration, companies that remain part of the
“China-wide entity” are subject to a dumping margin of
216.01%. The cash deposit rate will be set at the same
level.
The Period of Review (POR), which spans from Jan 1 to
31 Dec 31, 2024, was initiated on Feb 21, 2025 following
requests from interested parties. Some of those requests
were later withdrawn in May 2025.
A total of 29 companies or company groupings were
initially included. However, the review is being rescinded
for 18 of them after the withdrawal of requests.
Commerce preliminarily determined that 11 companies
failed to establish separate rate entitlement and are part of
the China-wide entity, meaning they remain subject to the
China-wide antidumping duty rate. For 18
companies/company groupings, including Jiangsu
Yuexing Furniture Group Co., Ltd. and Eurosa entities,
Commerce rescinded the review based on timely
withdrawal of review requests or confirmed no shipments
during the POR.
Importers and exporters of wooden bedroom furniture
from China should review these preliminary results
carefully. Companies classified as part of the China-wide
entity remain subject to the applicable China-wide duty
rate. Companies for which the review was rescinded retain
their prior rate status. All interested parties may submit
comments on these preliminary results before final
determinations are issued.
Unless otherwise extended, Commerce intends to issue the
final results of this administrative review, which will
include the results of its analysis of issues raised in case
and rebuttal briefs, within 120 days of the April 13
publication of these preliminary results of review in the
Federal Register.
See:
https://www.federalregister.gov/documents/2026/04/13/2026-
07114/wooden-bedroom-furniture-from-the-peoples-republic-of-
china-preliminary-results-and-partial
and
https://www.woodworkingnetwork.com/news/woodworking-
industry-news/commerce-keeps-21601-rate-bedroom-furniture-
imports-china
Steady growth projected for North American wood flooring market
According to the latest study by Persistence Market
Research, the North America wood flooring market size is
likely to be valued at US$ 8.0 billion in 2026 and is
projected to reach US$ 9.6 billion by 2033, growing at a
CAGR of 2.6 percent during the forecast period 2026 to
2033. This growth reflects consistent demand across both
new construction and replacement segments.
One of the key growth drivers for the North America
wood flooring market is the increasing focus on home
renovation and remodeling. Homeowners are investing in
upgrading interiors with high quality materials that
enhance both functionality and visual appeal. Wood
flooring is often preferred due to its natural texture,
warmth, and ability to increase property value.
The trend toward open living spaces and modern interior
designs has further boosted the adoption of hardwood
flooring. In addition, growing disposable income and
rising consumer awareness about premium home
aesthetics are contributing to steady demand growth in the
residential sector.
North America continues to dominate the wood flooring
market due to its established construction sector and high
consumer preference for hardwood flooring.
The United States represents the largest market within the
region, supported by strong housing demand and
renovation activity.
See:
https://www.woodworkingnetwork.com/news/woodworking-
industry-news/north-american-wood-flooring-market-shows-
steady-growth-reports
Court of International Trade amends order to expand
tariff refunds eligibility
The US Court of International Trade (CIT) amended an
order directing US Customs and Border Protection (CBP)
to expand refunds of invalid IEEPA tariffs to include not
just unliquidated, but also some liquidated and previously
excluded "finally liquidated" entries.
On March 27, Senior Judge Richard Eaton of the US Court
of International Trade issued an order in Atmus Filtration
Inc. v. United States, updating his March 20 order
regarding refunds of duties paid under the International
Emergency Economic Powers Act.
"Judge Eaton’s latest order thus clarifies that all entries
subject to IEEPA duties are entitled to refunds," the
analysts wrote on the firm's SmarTrade news and analysis
site. "Previously, Judge Eaton’s March 20, 2026 order
indicated that only “unliquidated entries” and “liquidated
entries for which liquidation is not final” would qualify for
refunds.
Although the March 27 order explains that all entries are
eligible for refunds, it remains suspended “to the extent
that it requires immediate compliance,” meaning refunds
will not be provided for now.
Peter Theran, CEO of the Home Furnishings Association
(HFA), added that this is a positive development for
importers, including furniture retailers.
See:
https://www.woodworkingnetwork.com/news/woodworking-
industry-news/court-international-trade-amends-order-expand-
tariff-refunds
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