Redfin is reporting that the median US home-sale price fell 2.7% during the four weeks ending May 14th, the smallest decline in over a month. Monthly mortgage payments hit a record high due to still-high prices and elevated mortgage rates.
Wood Markets News
US National Interagency Fire Center Wildfire Update for the Week Ending May 19th
As of Friday, May 19th, six large wildfires have burned 57,491 acres in four states. One large new wildfire was reported in Massachusetts during the week. Nationally, 16,053 wildfires have burned 477,661 acres.
Conifex Timber Announces Downtime at Its Mackenzie, BC, Sawmill
Conifex Timber Inc. announced Friday that it has decided to take unscheduled downtime for four weeks at its Mackenzie, BC, sawmill starting on June 5th. The company is estimating that approximately 16 million board feet will come out of production.
Northern Ontario’s Ginoogaming First Nation Exploring Construction of Indigenous-Run OSB or LSL Mill
Northern Ontario Business is reporting that the Ginoogaming First Nation wants to put some underutilized hardwood resources in northwestern Ontario to work by making building materials.
Mortgage Applications for New Home Purchases Declined Month-Over-Month in April
The Mortgage Bankers Association (MBA) is reporting that mortgage applications for new home purchases decreased 11% month-over-month but were up 4.1% year-over-year.
Townhouse Construction Slowed in 2023Q1
Sata from the US Census Bureau’s Starts and Completions by Purpose and Design for Q1, with additional analysis provided by the National Association of Home Builders, shows single-family attached starts totaled 29,000 during Q1.
Fannie Mae’s Economic and Strategic Research Group Releases Latest Commentary
According to Fannie Mae’s Economic and Strategic Research (ESR) Group’s latest commentary, the ESR is expecting the economy to enter a modest recession in the second half of the year. Unusual dynamics continue to complicate forecasting the exact time.
Canadian Unemployment Minimally Changed in March
In March, 388,000 Canadians received regular Employment Insurance (EI) benefits, which is little changed from February’s totals. The number of Canadians collecting EI benefits fell by 141,000, or 26.7%, year-over-year.
China Lifts Ban on Australian Timber Imports
According to ABC News, China’s Ambassador to Australia said Australian timber exporters had satisfied China’s quarantine concerns, and China has reopened its door to Australian timber imports for the first time in more than two years.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in March
The National Association of Realtors® reported that total existing home sales recorded a 3.4% decline in April from March to a seasonally adjusted rate of 4.28 million homes in April. Year-over-year, sales are down 23.2%.