Privately‐owned housing starts in October increased 1.9% to a seasonally adjusted annual rate of 1,372,000,
Wood Markets News
US Pending Home Sales Climb, but Number of Buyers Backing Out of Deals Grows
US pending home sales rose 1% month-over-month in October to their highest level in a year on a seasonally adjusted basis, Redfin reported.
Canada’s Industrial Product and Raw Materials Price Indexes Both Decline in October
The price of softwood lumber declined 6.4% in October—the largest monthly decrease since March, when it fell 6.7%
US Townhouse Construction Records Best Quarter Since 2007 in Q3
Single-family attached starts totaled 43,000 units in Q3, 16% higher than 2022Q3, according to the Census Bureau and NAHB.
Canadian Unemployment Holds Steady at 5.5% in September
The unemployment rate was unchanged in September, holding at 5.5% for the third month in a row. This follows an increase of 0.5 percentage points from April to July.
Mortgage Applications for New Home Purchases Up Month-Over-Month and Year-Over-Year in October
Mortgage applications for new home purchases increased 6.0% month-over-month and 39.7% year-over-year, the Mortgage Bankers Association reported.
US Builder Confidence Moves Lower for Fourth Consecutive Month in November
The NAHB/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes declined 6 points to a reading of 34 in November.
Canada-Based StructureCraft Awarded 2023 Supreme Award for Structural Engineering Excellence
The Institution of Structural Engineers awarded the 2023 Supreme Award for Structural Engineering Excellence to StructureCraft for its work on the Nancy Pauw Bridge in Alberta, Construction Canada reported.
Mortgage Rates Move Lower for Third Consecutive Week
The 30-year fixed-rate mortgage averaged 7.44%, down from last week when it averaged 7.50%, Freddie Mac reported.
US Weekly Jobless Claims Trek Higher in the Week Ending November 11th
The advance figure for seasonally adjusted initial unemployment claims was 231,000 during the week ending November 11th, an increase of 13,000 from the previous week.