Redfin reported that the median US home-sale price increased 1.5% year-over-year during the four weeks ending July 9th. This marks the first increase in home-sale prices in nearly five months.
Wood Markets News
Associated Builders and Contractors Backlog Indicator Held Steady in June, but Contractor Confidence Diminished
The Associated Builders and Contractors Construction Backlog Indicator held steady at 8.9 months in June. The reading is also unchanged from June 2022.
Remodeling Market Outlook Declines Slightly in Q2
The National Association of Home Builders (NAHB) and Westlake Royal Remodeling Market Index report edged slightly lower in Q2, down 2 points from Q1 to a reading of 68. However, even after the modest decrease, the RMI remains in positive territory.
Fixed Mortgage Rates Continued to Climb Higher in the Week Ending July 13th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 13th. The 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year rate averaged 5.51%.
Producer Price Index for Final Demand Inches Higher Month-Over-Month and Year-Over-Year in June
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.1% in June, after declining 0.4% in May. On an unadjusted basis, the index for final demand advanced 0.1% for the twelve-month period ending in June.
US Weekly Jobless Claims Decline in the Week Ending July 8th
The advance figure for seasonally adjusted initial unemployment claims was 237,000 during the week ending on Saturday, July 8th. This is a decrease of 12,000 from the previous week’s revised level of 249,000. The 4-week moving average was 246,750.
Canfor Pulp to Curtail Production at Northwood Pulp Mill Due to Labor Dispute at BC Ports
CKPG Today reported that Canfor Pulp Products is curtailing its pulp mill in Prince George effective July 13th due to the limited storage space for pulp products that cannot be transported overseas as a result of the labor dispute at BC ports.
Ledcor Group Announces Permanent Closure of Its Chilliwack, BC, Cant Mill and Forestry Operations
The Nanamio News Bulletin reported that the Ledcor Group has announced its intention to permanently close its Chilliwack, BC, cant mill at the end of August and its Forestry Group operations shortly thereafter.
BC Provincial Government Announces Additional Investments in Mass Timber Demonstration Projects
BC announced that it is providing more than $4 million (CAD) for 12 new mass timber demonstration and research projects, building on BC’s global leadership in this area.
UK’s Vistry Announces Reopening of Timber Frame Factory
Vistry, a top UK housebuilder and leader in partnership housing, announced it has reopened what is described as a “mega facility” in the East Midlands region, according to a report by Inside Housing.