Wood Markets News

30.6% of single-family homes for sale in Q3 were new construction, the highest share of any Q3 on record, Redfin reported.

30-year fixed-rate mortgage averaged 7.76%, down from last week when it averaged 7.79%, Freddie Mac reported.

US-based employers announced 36,836 job cuts in October, down 22.0% from September, according to Challenger, Gray & Christmas, Inc.

The advance figure for seasonally adjusted initial unemployment claims was 217,000, an increase of 5,000 from the previous week.

Total construction spending during September was estimated at a seasonally adjusted annual rate (SAAR) of $1,996.5 billion, 0.4% above the revised August estimate.

In Q3, residential building construction costs increased 1.0%. Non-residential building construction costs were 0.9%.

The number of open construction jobs increased from a revised reading of 375,000 in August to 431,000 in September, according to analysis by the NAHB.

Mortgage loan application volume decreased 2.1% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

Nonfarm private sector employment increased by 113,000 jobs in October, and annual pay was up 5.7% year-over-year, according to ADP data.

As of the last business day in September, the number of job openings was little changed at 9.6 million, and the rate was unchanged at 5.7%.