Existing-home sales increased 3.4% to a seasonally adjusted annual rate of 3.96 million in October, NAR reported. Sales also posted the first year-over-year gain since July 2021.
Wood Markets News
Canadian Industrial Product and Raw Materials Price Indices for October
Prices for lumber and other wood products increased 1.3%, marking the third consecutive monthly gain.
Fannie Mae ESR Group Revises Its Housing Market Outlook for 2025
The ESR Group now expects existing-home sales to increase only 4.0% next year from a 2024 pace that is on track for a nearly 30-year low.
US Mortgage Rates Resume Upward Trek in the Week Ending November 21st
The 30-year fixed-rate mortgage averaged 6.84%, up from last week when it averaged 6.78%, MBA reported.
US Weekly Initial Jobless Claims Decline in the Week Ending November 16th
The advance figure for seasonally adjusted initial unemployment claims was 213,000, a decrease of 6,000 from the previous week’s revised level.
US Army Completes Seismic Test of Thermally Modified CLT
The US Army Engineer Research and Development Center and its partners tested an innovative CLT shelter made using thermally modified coastal western hemlock, ABC News 20 reported.
Typical Family Needs to Spend 38% of Income on House Payments, Cost of Housing Index Shows
A family earning a median income needed 38% of their income to cover the mortgage payment on a median-priced new home in Q3, NAHB and Wells Fargo reported.
The Conference Board’s US Leading Economic Index Edges Lower in October
The Conference Board Leading Economic Index (LEI) declined 0.4% to a reading of 99.5 (2016=100) in October, following a 0.3% decline in September (revised up from a 0.5% decline).
Quebec Invests C$12 Million to Support Upgrade of Domtar’s Pulp and Paper Mill in Windsor
Quebec is making a $12 million (CAD) investment to support the modernization of Domtar’s pulp and paper mill in Windsor, Paper Advance reported.
Investment in Canadian Building Construction Increases 2.1% in September
Investment in building construction in Canada rose 2.1% to $21.6 billion (CAD) in September, following a 0.2% increase in August.