As of Friday, June 28th, 52 large wildfires have burned 243,894 acres in nine states. Nine large new wildfires were reported on Thursday alone.
Wood Markets News
US Pending Homes Sales Increase in 2 Out of 4 Regions in June
The National Association of Realtors® Pending Home Sales Index increased 0.3% month-over-month to a reading of 76.8 in June. The June increase is the first increase reported since February.
Home Prices Post Largest Year-Over-Year Increase Since November 2022
Redfin reported that during the four-week period ending on July 23rd, the typical US home sold for approximately $382,000. This is up 2.6% year-over-year and is the largest increase since November 2022.
Real GDP Increases at an Annual Rate of 2.4% in Q2, BEA Reports in Its “Advance” Estimate
Real GDP increased at an annual rate of 2.4% in 2023Q2, according to the “advance” estimate released on Thursday by the Bureau of Economic Analysis. This follows a real GDP increase of 2.0% in 2023Q1.
Fixed-Rate Mortgages Resume Upward Trek in the Week Ending July 27th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 27th. The 30-year fixed-rate mortgage averaged 6.81%, up from last week when it averaged 6.78%.
US Weekly Jobless Claims Decline in the Week Ending July 22nd
The advance figure for seasonally adjusted initial unemployment claims was 221,000 during the week ending on Saturday, July 22nd. This is a decrease of 7,000 from the previous week’s unrevised level of 228,000.
US New Residential Single-Family Home Sales Down Month-Over-Month but Up Year-Over-Year in June
New residential single-family home sales for June were at a SAAR of 697,000, according to estimates. This is 2.5% below the revised May rate of 715,000 but 23.8% above the June 2022 estimate of 563,000.
Bergs Timber Announces Closure of Its Estonia Sawmill Facility
Bergs Timber AB announced that it intends to cease operations at its sawmill in Estonia. The mill is operated by Bergs’ subsidiary Laesti. According to the press release, operations will conclude in August.
Lack of Existing Homes For Sale Sends Would-Be Buyers Into the New Construction Housing Market
The share of buyers looking to buy new construction increased from 20% in 2022Q4 to 25% in 2023Q2, according to the latest Housing Trends Report by the National Association of Home Builders.
Mortgage Applications Resume Downward Trend in the Week Ending July 21st
According to the Mortgage Bankers Association, mortgage loan application volume decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.5%.