Total US existing-home sales recorded a 1.0% month-over-month decrease in December to a seasonally adjusted rate of 3.78 million. Year-over-year, sales were down 6.2%.
Wood Markets News
Construction of 14-Story Mass Timber Tower at University of Toronto Aided by Federal Contribution
Natural Resources Canada announced it was making a contribution of $3.9 million (CAD) to the University of Toronto for the construction of a 14-story mass timber academic tower.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for January
The University of Michigan Index of Consumer Sentiment increased 13.1% month-over-month to a reading of 78.8 in January, up from 69.7 in December.
Canadian Unemployment Up Month-Over-Month and Year-Over-Year in November
There were 460,000 Canadians receiving regular Employment Insurance benefits in November. That is 1.7%, or 7,900 persons, higher than in October.
US Housing Starts Fall in December, While Permits and Completions Climb
Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000, down 4.3% from November but 7.6% above December 2022.
Canadian Investment in Building Construction Increases in November
Canadian investment in building construction increased 1.7% in November to $19.8 billion (CAD). Investment in residential building construction rose 2.2% to $13.7 billion.
Canadian Wood Pellet Production and Exports Fall in 2023
Canadian wood pellet production was down 6% in 2023 and exports down were 14%, according to a Biomass Magazine review of USDA data.
US Remodeler Sentiment Inches Higher in 2023Q4
The National Association of Builders (NAHB)/Westlake Royal Remodeling Market Index (RMI) increased 2 points to a reading of 65 in 2023Q4, up from 63 in 2023Q3.
Fixed-Rate Mortgages Move Lower in the Week Ending January 18th
The 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.66%, Freddie Mac reported.
Mortgage Applications for New-Home Purchases Down Month-Over-Month but Up Year-Over-Year in December
Mortgage applications for new home purchases decreased 4.0% month-over-month but were up 22.2% year-over-year, MBA reported.