According to a review of the Realtor.com® Monthly Housing Trend Report by LBM Journal, home prices increased modestly in May, but price growth slowed to the lowest rate on record since 2016. The median list price grew to $441,000 in May, up from $430,000 in April.
Wood Markets News
Pretium Partners Inks $1.5 Billion Deal to Purchase Thousands of D.R. Horton Homes
Pretium Partners has completed a transaction with the nation’s largest single-family homebuilder, D.R. Horton Inc., to acquire more than 4,000 homes, largely located in the Southeast and Southwest, for a value of approximately $1.5 billion.
Brazilian Exports of Wood-Based Products Declined Month-Over-Month and Year-Over-Year in April
In April 2023, Brazilian exports of wood-based products (except pulp and paper) declined 29.0% in value compared to April 2022, from US$470.2 million in April 2022 to US$336.1 million in April 2023.
US National Interagency Fire Center Wildfire Update for the Week Ending June 1st
As of Thursday, June 1st, seven large wildfires have burned 66,209 acres in six states. One large new wildfire was reported in New Jersey during the week. Since January 1st, 18,403 wildfires have burned 518,698 acres across the US.
BC Government Extends Fairy Creek Watershed Old-Growth Deferral Until February 2025
The BC provincial government announced Friday that it has approved a legal order to extend the deferral of old-growth harvesting in the Fairy Creek watershed until February 1st, 2025.
Early Start to Wildfire Season in Canada Brings Global Support Response
Emergency Preparedness Minister Bill Blair said that an “unprecedented” start to the wildfire season in Canada has led to serious wildfires spreading destruction and forcing evacuations across 7 provinces and 1 territory.
West Virginia University Researchers Find Ways to Use Low-Grade Hardwoods in Cross-Laminated Timber
Joseph McNeel, a professor at West Virginia University, has been testing the effectiveness of yellow poplar—an abundant West Virginia species—as a source of engineered wood building materials.
US Nonfarm Payroll Increases by 339,000 in May; Unemployment Rises to 3.7%
Total nonfarm payroll employment increased by 339,000 in May. This is in line with the average monthly gain of 341,000 over the past 12 months.
Melbourne, Australia, Gaining 15-Story Office Building Constructed From Local Timber
Located on Melbourne, Australia’s Wellington Street, the T3 will be 15 stories and comprise 18,200 square-feet of A-grade commercial floorspace, according to a feature by Architecture & Design magazine. The T3’s towers will be made entirely of CLT and GLT.
US Monthly Construction Spending Increased in April
Total construction spending during April was estimated at a seasonally adjusted annual rate of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion.