Demand in the multifamily market in 2022Q4 softened as the percentage of apartments absorbed with the first three months of completion fell to 59.0% after six consecutive quarters of being above 60.0%.
Wood Markets News
University of Michigan Reports Final Results of Its Consumer Sentiment Index for May
The University of Michigan released the final results of its Consumer Sentiment Index for May. The Index of Consumer Sentiment fell to a reading of 59.2 in May, down from a reading of 63.5 in April. This is a month-over-month decline of 6.8%.
US Pending Homes Sales Increase in 3 Out of 4 Regions in April
The National Association of Realtors® reported its Pending Homes Sales Index (PHSI) remained unchanged from March to April, holding steady at a reading of 78.9. Year-over-year, contract signings fell 20.3%.
Mortgage Payments Grow in April, Marking Fourth Consecutive Increase and New Record High
The Mortgage Bankers Association reported that the national median payment applied for by applicants increased 0.9% to $2,112 from $2,093 in March.
Real GDP Increased at an Annual Rate of 1.3% In 2023Q1, BEA Reports in Its “Second” Estimate
The Bureau of Economic Analysis released Thursday its “second” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.3%. This follows a reported increase of 2.6% in 2022Q4.
Fixed Mortgage Rates Climb Higher in the Week Ending May 25th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 25th. The 30-year fixed-rate mortgage averaged 6.57%, up from last week when it averaged 6.39%.
Western Washington University’s New Hall Targets Zero Carbon and Zero Energy Certification
According to Contruction Dive, Western Washington University and Minneapolis-based Mortenson Construction announced on Monday that ground was broken on the new $73.6 million Kaiser Borsari Hall on campus.
US Weekly Jobless Claims Increase in the Week Ending May 20th
The advance figure for seasonally adjusted initial unemployment claims was 229,000 during the week ending on May 20th. This is an increase of 4,000 from the previous week’s revised level of 225,000.
Georgia-Pacific Investing $18 Million at Camden, Texas, Plywood Mill
GP has announced that it is investing $18 million in upgrades that will modernize the facility and help increase efficiency. The capital improvements will focus on three different projects beginning with the plant’s dryer.
Cooler Temperatures and Rain Aid Wildfire Firefighters in Alberta
CBC News is reporting that more than one million hectares (over 2.4 million acres) of land in Alberta are now estimated to have burned in a record-breaking spring for wildfires. As of Tuesday afternoon, 74 wildfires were burning across Alberta.