In its December commentary, the ESR Group said single-family home sales likely bottomed out in 2023Q4 and are expected to begin a slow but meaningful recovery over the course of the next year.
Wood Markets News
Mortgage Applications for New-Home Purchases Down Month-Over-Month but Up Year-Over-Year in October
Mortgage applications for new home purchases decreased 12.0% month-over-month in November but were up 21.8% year-over-year, the Mortgage Bankers Association reported.
Shares of Mortgage Loans in Forbearance Decline Further in November
The total number of loans in forbearance as of November 30th decreased 3 basis points to 0.26% of servicers’ portfolio volume, the Mortgage Bankers Association reported.
Canadian Industrial Product and Raw Materials Price Indexes Both Decline in November
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.4% month over in November. This follows a 0.9% decrease in October.
Canadian Consumer Price Index Increases 3.1% Year-Over-Year in November
The Canadian Consumer Price Index (CPI) increased 3.1% year-over-year in November, following a similar 3.1% increase in October.
US Builder Confidence Moves Higher on Lower Mortgage Interest Rates in December
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) shows that builder sentiment in the market for newly built single-family homes increased 3 points to a reading of 37 in December.
Lower Mortgage Rates Stimulate Existing-Home Market in November
New existing-home listings increased 1.3% month-over-month to the highest level since October 2022, on a seasonally adjusted basis, and 0.1% year-over-year, Redfin reported.
Investment in Canadian Building Construction Increases 2.7% Month-Over-Month in October
Investment in Canadian building construction increased 2.7% month-over-month to $19.4 billion (CAD) in October. Investment in residential building rose 3.9% to $13.4 billion.
Canadian New-Home Prices Declined Month-Over-Month and Year-Over-Year in November
StatCan’s national new-home price index declined 0.2% month-over-month in November. Prices were down or unchanged in 25 of the 27 census metropolitan areas.
Vietnam Reports Increase in Exports of Wood Products in November
Preliminary statistics from Vietnam reviewed by the ITTO Tropical Timber Market Report reveal that Vietnam’s wood and wood product exports reached US$1.3 billion in November, up 1.4% compared to October.