Homebuyers need to make in excess of $106,000 a year to comfortably afford a home, 80% more than in January 2020, Zillow reported.
Wood Markets News
Canadian Lumber Production and Shipments Decline Month-Over-Month but Increase Year-Over-Year in December
Canadian lumber production declined 22.6% month-over-month to 3,432.4 thousand cubic meters in December.
US Private Single-Family Construction Spending Increases in January
Construction spending rose 0.2% in January, the second consecutive gain, the Census Bureau and NAHB reported.
Mercer Mass Timber Launches New Construction Services Division
Mercer Mass Timber announced the launch of its mass timber erection division: Mercer Mass Timber Construction Services.
Timberlink Opens NeXTimber Manufacturing Facility in Tarpeena, South Australia
Timberlink has opened its NeXTimber® by Timberlink® manufacturing facility and upgraded its green mill in Tarpeena, South Australia.
Brazilian Exports of Wood-Based Products Increase Year-Over-Year in January
The value of Brazilian exports of wood-based products (except pulp and paper) increased 13.0% year-over-year in January, the ITTO reported.
US Construction Spending Declines Month-Over-Month in January, But Remains Up Year-Over-Year
Total construction spending during January was estimated at a SAAR of $2,102.4, 0.2% below the revised December estimate of $2,105.8 billion.
Metsä Group Parent Company Announces Divestiture of Its Estonia Wood Supply Business
Metsä Group’s parent company Metsäliitto Cooperative will sell its wood supply business in Estonia to Combiwood Forest OÜ, an Estonian company owned by Combiwood Grupp OÜ.
Fannie Mae Releases Home Price Expectations Survey for Q1: Price Growth Anticipated
Experts expect annual national home price growth to be 3.8% in 2024, the Fannie Mae Home Price Expectations Survey showed.
Mortgage Application Payments Trek Higher in January
The Mortgage Bankers Association Purchase Applications Payment Index showed that homebuyer affordability declined in January.