The National Association of Realtors® (NAR) reported that total existing home sales recorded a 3.3% decline in June from May to a seasonally adjusted rate of 4.16 million homes. Year-over-year, sales are down 18.9%.
Wood Markets News
Mortgage Rates Drop in the Week Ending July 20th
The 30-year fixed-rate mortgage averaged 6.78%, down from last week when it averaged 6.96%. A year ago at this time, the 30-year rate averaged 5.54%.
Modular Mass Timber Construction Helps Accelerate Construction of a Child Care Center in Ontario
A modular mass timber construction delivery system has helped to speed up the building of a much-needed child care center in St. Thomas, Ontario, Canada, according to Daily Commercial News.
US Leading Economic Index® Continued its Decline in June, The Conference Board Reports
The Conference Board Leading Economic Index® (LEI) declined 0.7% to a reading of 106.1 (2016=100) in June, after posting a decline of 0.6% in May. The LEI has dropped 4.2% over the six-month period from December 2022 to June.
US Weekly Jobless Claims Decline in the Week Ending July 15th
The advance figure for seasonally adjusted initial unemployment claims was 228,000 during the week ending on Saturday, July 15th. This is a decrease of 9,000 from the previous week’s unrevised level of 237,000.
US Housing Starts, Permits, and Completions All Decline in June
Privately‐owned housing starts in June were at a SAAR of 1,434,000. This is 8.0% below the revised May estimate of 1,559,000. Single-family housing starts were at a rate of 935,000; this is 7.0% below the revised May figure of 1,005,000.
Dockworkers Strike at BC Ports Scheduled to Resume on July 22nd
FreightWaves reported on Tuesday that the dockworkers strike that had paralyzed shipments in and out of the Ports of Vancouver and Prince Rupert, British Columbia, for 13 days is set to resume on Saturday, July 22nd.
Canfor Board Scheduled to Decide Fate of Houston, BC, Sawmill Facility on July 27th
According to Houston Today, the 12 Canfor Corporation board members responsible for its lumber operations are scheduled to make their decision on the future of the Houston, BC, lumber facility on Thursday, July 27th.
New Brunswick Softwood Timber Royalties at Decade Low After System Overhaul
Under a new timber royalty system set up earlier this year by the New Brunswick government, forestry companies are paying lower royalties for the timber the lumber is made from than they did when lumber prices were lower.
Investment in Canadian Building Construction Declined in May
Investment in Canadian building construction declined 1.2% in May to $19.9 billion (CAD). On a constant dollar basis (2012=100), investment in building construction fell 1.5% to $11.5 billion.