Yardi Matrix is reporting that multifamily rents in February remained unchanged from January at an average of $1,702 US asking rent. Year-over-year growth is 4.8%, the lowest level in nearly two years.
Wood Markets News
US New Residential Home Sales Rise 1.1% Month-Over-Month in February
On Thursday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for February were at a SAAR of 640,000, according to estimates. This is 1.1% above the revised January rate of 633,000.
Domain Timber Advisors Assumes Investment Responsibilities for Forestland Portfolios in US Southeast and Pacific Northwest
Domain Capital Group, LLC, a comprehensive private investment service firm, announced on Monday that its subsidiary, Domain Timber Advisors, LLC, has assumed investment responsibilities for a forestland portfolio in the US Southeast and Pacific Northwest.
Tolko Announces Shift Reductions at Its Heffley Creek Plywood and Veneer Mill in Kamloops, BC
Kamloops, BC, radio station NL 610 AM reported Thursday that Tolko Industries has announced it is temporarily cutting some graveyard and weekend shifts at its Heffley Creek Mill located in Kamloops due to a drop in demand for some of its wood products.
Fixed Mortgage Rates Decline for Second Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 23rd. The 30-year fixed-rate mortgage averaged 6.42%, down from last week when it averaged 6.60%. The 15-year fixed-rate mortgage averaged 5.68%.
Utah Gets Its First Look at Large-Scale Mass Timber Construction
The Salt Lake Tribune reported Thursday that Utah is getting its first look at large-scale, mass timber building with an office structure currently under construction in the City of Draper. The five-story Baltic Pointe building will be the home of Pelion Venture Partners.
US Weekly Jobless Claims Decrease in the Week Ending March 18th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 191,000 during the week ending on Saturday, March 18th. This is a decrease of 1,000 from the previous week’s unrevised level of 192,000.
Canfor Announces Final Log Processing, Kiln, and Planer Shutdown Schedule for Its Houston, BC, Sawmill
British Columbia’s Houston Today newspaper reported Wednesday that layoff notices have gone out and the last log is set to be processed at Canfor’s Houston, BC, sawmill on March 31st. The move sets into motion the phasing out of the Houston sawmill facility originally announced by Canfor in late January.
Twin Rivers Paper Company Finalizes Sale of Its Plaster Rock Lumber Mill to Groupe Lebel
Twin Rivers Paper Company on Monday announced it has finalized the sale of its Plaster Rock Lumber Corporation, its softwood lumber mill in Plaster Rock, New Brunswick, to eastern Canadian lumber manufacturer and North American forest products leader Groupe Lebel.
Canadian National New Home Price Index Declines Month-Over-Month in February
Statistics Canada reported today that the Canadian National New House Price Index declined 0.2% month-over-month in February. This follows a similar decrease in January. The index has retreated in five of the past six months.