The Pending Homes Sales Index increased 0.6% month-over-month to a reading of 70.6 in August, NAR reported. Year-over-year, pending homes sales were down 3.0%.
Wood Markets News
Housing Starts in Canada’s Six Largest Cities Increase 4% During First Half of 2024
Combined housing starts in Canada’s 6 largest cities increased 4% to 68,639 new units, the second highest level since 1990, CMHC reported.
US 30-Year Mortgage Rate Hits Lowest Level in Two Years
The 30-year fixed-rate mortgage averaged 6.08%, down from last week when it averaged 6.09%, Freddie Mac reported.
Asking Rents for Newly Constructed US Apartments Declined as Availability Rose in Q2
Asking rents for newly constructed apartments fell to $1,746 in Q2, down 6.2% from a year earlier and the lowest level in more than two years, Redfin reported.
US Weekly Initial Jobless Claims Trend Lower in the Week Ending September 21st
The advance figure for seasonally adjusted initial unemployment claims was 218,000, a decrease of 4,000 from the previous week.
Canadian Employment Posts Modest Gain in July
The number of employees receiving pay and benefits from their employer increased 0.2% in July, following a decline of 0.1% in June.
Drax to Invest Up to $12.5 Billion in US Biomass Plants With Carbon Capture and Storage
Drax could invest up to $12.5 billion to develop biomass plants with carbon capture and storage (BECCS) in the US over the next decade, Reuters reported.
Dockworkers at US East and Gulf Coast Ports Preparing to Strike as Early as October 1st
A strike next week by 45,000 dockworkers across US East and Gulf coasts appears likely, the CEO of the Georgia Ports Authority told the Associated Press.
New US Residential Single-Family Home Sales Decline 4.7% in August
New residential single-family home sales in August were at a seasonally adjusted annual rate of 716,000, down 4.7% from July.
Nearly Half of All US Existing-Home Listings Are Considered Stale, or Over 60 Days on the Market
48% of all US listings have lingered on the market for at least 60 days, the highest share for any August since 2019, Redfin reported.