Housing starts in August were at a seasonally adjusted annual rate of 1,356,000. This is 9.6% above the revised July estimate and 3.9% above the August 2023 rate.
Wood Markets News
Tolko Industries Begins Two-Week Shutdown at Its Armstrong, BC, Sawmill
Tolko Industries has implemented a two-week shutdown of its lumber plant in Armstrong, BC, citing ongoing market challenges and resource shortages, Coast Mountain News reported.
Federal Reserve Announces 0.5% Rate Cut, The First Since March 2020
In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 0.50% to 4.75–5.00%.
Investment in Canadian Building Construction Falls 1.7% in July
Investment in Canadian building construction declined 1.7% to $20.9 billion (CAD) in July, following an increase of 2.7% in June.
Mortgage Applications Rise in the Week Ending September 13th—Fourth Consecutive Increase
Mortgage loan application volume increased 14.2% on a seasonally adjusted basis from one week earlier, MBA reported.
Canadian Housing Starts Decrease 22% in August
The total monthly SAAR of housing starts decreased 22% to 217,405 units in August, down from 279,804 units in July, CMHC reported.
US Home Prices Increase 6.7% Year-Over-Year in August
US home prices grew 0.5% in August on a seasonally adjusted basis, the largest month-over-month increase since April, Redfin reported.
Mortgage Applications for New-Home Purchases Unchanged in August
Mortgage applications for new-home purchases were unchanged month-over-month but were up 4.4% year-over-year in August, MBA reported.
US Department of Agriculture Announces Appointments to Softwood Lumber Board
The USDA announced the appointment of six members to serve on the Softwood Lumber Board for three-year terms beginning January 1st, 2025.
US Builder Confidence Inches Higher in September as Mortgage Rates Decline
The NAHB/Wells Fargo Housing Market Index increased 2 points to a reading of 42 in September.