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.
Wood Markets News
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.
Frisco Home to North Texas’ First Mass Timber Office Building
WFAA is highlighting a new seven-story 242,000 square-foot retail and office space building located in Frisco, Texas. It has been dubbed “The Offices at Southstone Yard,” and it is unlike any other building in North Texas.
US National Interagency Fire Center Wildfire Update for the Week Ending July 21st
As of Friday, July 21st, 29 large wildfires have burned 126,020 acres in seven states. Eight large new wildfires were reported during the week. Since January 1st, 28,088 wildfires have burned 719,400 acres.
Canadian Unemployment Inched Higher in May
The number of Canadians receiving regular Employment Insurance (EI) increased by 9,800, or 2.5%, to 399,000 in May. This is the first increase in EI since July 2022.
BC Dockworkers Union Rescinds 72-Hour Strike Notice
According to reporting by CTV News Vancouver, the union revoked the 72-hour strike notice it issued Wednesday—just hours after it was issued—a move that could signal an end to a tumultuous labor dispute.
US Existing-Home Sales Decline Month-Over-Month and Year-Over-Year in June
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%.
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.