Redfin reported that the total number of US homes for sale dropped 6% year-over-year during the four weeks ending on June 11th. This marks the largest decline in 13 months.
Wood Markets News
US Building Materials Costs Continued to Decline in May
The prices of goods used in residential construction ex-energy and not seasonally adjusted declined 0.1% in May, following a 0.2% decline in April. Year-to-date, the index has gained 0.3%.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for June
The Index of Consumer Sentiment rose to a reading of 63.9 in June, up from 59.2 in May. This is a month-over-month increase of 7.9% and up 27.8% year-over-year (50.0 in June 2022).
US National Interagency Fire Center Wildfire Update for the Week Ending June 16th
As of Friday, June 16th, 10 large wildfires have burned 80,000 acres in seven states. During the week, one large new wildfire was reported in North Carolina and another in Oregon. Since January 1st, 21,305 wildfires have burned 644,918 acres.
British Columbia Changes Its Stumpage Updates From Quarterly to Monthly
The Director of the Timber Pricing Branch at the BC Ministry of Forests issued a memorandum on May 31st regarding BC stumpage lags. Starting on June 1, 2023, stumpage updates will occur monthly rather than quarterly.
Stora Enso Announces Closure of Its Näpi Sawmill in Estonia, Plus Other Facilities in Finland, the Netherlands, and Poland
Stora Enso announced that it will close its Sunila pulp production unit in Finland, the De Hoop containerboard site in the Netherlands, one containerboard line at its Ostrołęka site in Poland, and the Näpi sawmill in Estonia. The closures would target a reduction of approximately 600 employees.
Canadian Housing Starts Declined Month-Over-Month in May
The Canadian Mortgage and Housing Corporation reported that the standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 23% in May to 202,494 units, compared to April’s 261,357 units.
European Commission Closes Antitrust Investigation Into Wood Pulp Sector
According to reporting by Reuters, the European Commission on Thursday said it had closed an antitrust investigation in the wood pulp sector, as it had found insufficient evidence to pursue the probe.
Canadian Investment in Building Construction Increased in April
Statistics Canada reported that investment in building construction increased by 0.4% to $20.3 billion (CAD) in April. Investment in single-family homes decreased 2.1% to $7.7 billion, marking its lowest level since November 2021.
30-Year Fixed-Rate Mortgage Falls, but 15-Year Rate Rises in the Week Ending June 15th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 15th. The 30-year fixed-rate mortgage averaged 6.69%, down from last week when it averaged 6.71%.