The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability declined in January, as the national median payment applied for by applicants increased 2.3% to $1,964 from $1,920 in December 2022.
Wood Markets News
New Residential Single-Family Home Sales Rise in January
On Friday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for January were at a SAAR of 670,000, according to estimates. This is 7.2% above the revised December rate of 625,000.
Södra to Explore Building a Replacement Sawmill in Östergötland, Sweden
Södra announced on Thursday that is undertaking a preliminary project to investigate the potential of building a new large-scale sawmill in Kinda in Östergötland Municipality, Sweden, to replace an existing facility.
Housing Market’s Recovery Slowed by Low Inventory and High Prices in January
In a new report, Redfin said that pending home sales activity, through Redfin agents, rose 0.5% on a seasonally adjusted basis from a month earlier in January. That compares with December’s revised month-over-month increase of 1.4%, which marked the first gain in 14 months.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in January
The US Bureau of Economic Analysis reported on Friday that according to its estimates, personal income (PI) increased 0.6% in January; disposable personal income (DPI) increased 2.0%; and personal consumption expenditures (PCE) increased1.8%.
Cyclone Forces Pan Pac Forest Products to Close Its Whirinaki, New Zealand, Pulp Mill Until Further Notice
In response to the massive flooding caused by Cyclone Gabrielle, Pan Pac Forest Products announced on its website that, following assessment of the storm damage, its Whirinaki facility site will be closed until further notice. The cyclone ravaged New Zealand starting on February 12th.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for February
The University of Michigan on Friday released the final results of its Consumer Sentiment Index for February. The Index of Consumer Sentiment rose to a reading of 67.0 in February, up from 64.9 in January. This is a month-over-month increase of 3.2%.
Multifamily Market Survey for Q4: Indexes Up but Remain in Negative Territory
The National Association of Home Builders today released its Multifamily Market Survey for 2022Q4. The two main confidence indexes for multifamily housing increased slightly, but both remain in negative territory. The Multifamily Production Index (MPI) increased 2 points from Q3 to a reading of 34.
Fixed Mortgage Rates Climb Higher for the Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 23rd. The 30-year fixed-rate mortgage averaged 6.50%, up from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 3.89%.
New Mass Timber Elementary School Coming to Kamloops, BC
Elementary school students in Kamloops, BC, will soon benefit from a modern new school. The BC provincial government has provided $65.3 million (CAD) for a new 485-seat elementary school. Mass timber will be used in the new school’s design, where appropriate.