Prices for lumber and other wood products rose 1.2% in September, increasing for the second consecutive month. Higher prices for softwood lumber, up 3.2%, led the gain.
News in end use
Redfin Reports US Home Prices Increased for Third Consecutive Month in September
Redfin reported that US home prices grew 0.5% month-over-month in September on a seasonally adjusted basis, the fastest pace since April.
State-Level Construction Employment Data for September
Construction employment increased in 24 states and the District of Columbia in September, the BLS and NAHB reported.
Share of US Mortgage Loans in Forbearance Increases for Fourth Consecutive Month in September
The total number of loans in forbearance as of September 30th increased to 0.34% of servicers’ portfolio volume, up from 0.31% in August, MBA reported.
The Conference Board US Leading Economic Index Trends Lower in September
The Conference Board Leading Economic Index declined 0.5% in September to a reading of 99.7 (2016=100), following a 0.3% decline in August.
US Home Builders Focusing on Townhomes and Condos to Alleviate Housing Shortage
Zillow reported that America’s housing stock continues to grow faster than it did before the pandemic-induced housing frenzy, as builders race to fill a shortage.
US Housing Starts, Building Permits, and Completions Decline in September
Housing starts in September were at a seasonally adjusted annual rate of 1,354,000, 0.5% below the August estimate of 1,361,000.
Joint Center for Housing Studies Projects US Remodeling Will Return to Growth in 2025
After a mild pullback over the previous year, spending for improvements and repairs on owner-occupied homes is set to expand once again by the middle of 2025, JCHS reported.
Pending Home Sales Increase in September
Pending home sales jumped 2.5% month-over-month in September on a seasonally adjusted basis, the largest increase since January 2023, Redfin reported.
US Residential Acquisition, Development, and Construction Loans Decline in Q2
A NAHB analysis of FDIC data shows the volume of total outstanding AD&C loans during Q2 posted the largest year-over-year percentage decline since 2012.