The Federal Housing Finance Agency reported Tuesday its House Price Index (HPI®) for May rose 0.7%, seasonally adjusted, between April and May. Year-over-year, house prices rose 2.8%.
Wood Markets News
S&P CoreLogic Case-Shiller US National Home Price Index Increased Month-Over-Month in May
The S&P CoreLogic Case-Shiller US National Home Price NSA Index for May shows all 20 major metro markets reported month-over-month price increases—the third consecutive month of growth.
The Conference Board’s Consumer Confidence Index Climbs Higher in July
The Conference Board released Tuesday its Consumer Confidence Index® (CCI) for July. The CCI increased to a reading of 117.0 in July (1985=100), up from a reading of 110.1 in June.
Mercer International Announces Temporary Curtailment of Its Celgar Pulp Mill in Castlegar, BC
Citing a significant loss of rail transport capacity due to the Vancouver port job action, Mercer announced that it would be temporarily curtailing operations at its Clegar pulp mill located in Castlegar, BC, including wood intake.
Homeowner Remodeling and Repair Expenditures Are Expected to Continue to Decline
According to the Leading Indicators of Remodeling Activity (LIRA) released by the Joint Center for Housing Studies of Harvard University, annual expenditures for improvement and repairs to owner-occupied homes are expected to decline at an accelerating rate through the first half of 2024.
End of Native Timber Harvesting in the State of Victoria, Australia, Forces Local Sawmill to Close
According to reporting by ABC News, one of the businesses that will be impacted by the end of native timber harvesting is Walker’s timber mill, located in Corryong, Victoria. The mill has been in continuous operation for over 58 years.
German Universities Study Robotically Manufactured Timber for Resource-Efficient Construction
Scientists from the Universities of Stuttgart and Freiburg in Germany are developing a new interdisciplinary approach to construction to help meet the world’s population growth and the challenges of using fewer resources and switching to sustainable materials.
Home Prices on the Rise as Demand Continues to Outpace Limited Supply
Redfin reported that during the four-week period ending on July 16th, the typical US home sold for $382,500. This is up 2.1% from a year earlier. It is also the largest increase since December 2022.
State-By-State Construction Sector Employment Analysis for June
In the 48 states that report construction sector job data (both residential and nonresidential construction), 33 states reported an increase in June compared to May, while 14 states reported construction sector job losses.
Mortgage Applications for New Home Purchases Decline Month-Over-Month but Rise Year-Over-Year in June
The Mortgage Bankers Association (MBA) is reporting that mortgage applications for new home purchases in June declined 5.0% month-over-month but were up 26.1% year-over-year.