Total construction spending during October was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6% above the revised September estimate.
Wood Markets News
Monthly Mortgage Payments Fall While New Listings Increase
The typical US homebuyer’s monthly mortgage payment during the four-week period ending November 26th was $2,575, down from $2,739 last month, Redfin reported.
Brazilian Exports of Wood-Based Products Decline Year-Over-Year in October
Brazilian exports of wood-based products (except pulp and paper) in October fell 31.0% in value compared to October 2022, according to the International Tropical Timber Organization.
Housing Starts in Japan Decline for Fifth Consecutive Month in October
Japan reported on Thursday that housing starts in Japan declined for the fifth consecutive month in October, according to Business Insider.
Canadian Employment and Unemployment Changes Modestly in November
Canadian employment was little changed in November, with 25,000, or 0.1%, new jobs created. This is the second consecutive month of little change.
Weyerhaeuser Announces Sale and Purchase of Timberlands to Enhance Southern Timber Portfolio
Weyerhaeuser announced that it has entered into two distinct agreements with Forest Investment Associates to divest 69,600 acres in South Carolina for $170 million and to purchase 60,700 acres in North Carolina, South Carolina, and Mississippi for $163 million.
US International Trade Commission Affirms Determinations in Five-Year Reviews Concerning Certain Softwood Lumber Products From Canada
The US International Trade Commission made an affirmative determination in its five-year (sunset) review process concerning certain softwood lumber products from Canada.
US Pending Homes Sales Declined 1.5% Month-Over-Month and 8.5% Year-Over-Year in October
The National Association of Realtors Pending Homes Sales Index declined 1.5% in October from September to a reading of 71.4. Year-over-year, pending homes sales declined 8.5%.
Mortgage Rates Inch Lower for the Fifth Consecutive Week
The 30-year fixed-rate mortgage averaged 7.22%, down from last week when it averaged 7.29%, Freddie Mac said.
Mortgage Application Payments Push Higher in October
Homebuyer affordability declined in October, according to the Mortgage Bankers Association Purchase Applications Payment Index.