According to Fannie Mae’s latest Home Price Index (FNM-HPI), single-family home prices increased at a non-seasonally adjusted annual rate of 4.7% from 2022Q1 to 2023Q1, down from the previous quarter’s revised annual growth rate of 8.6%.
Wood Markets News
New Two-Story Mass Timber Pedestrian Bridge Installed at George Brown College in Toronto
PCL and Limberlost Place partners are celebrating a construction milestone at George Brown College’s Limberlost Place with the installation of a two-story mass timber pedestrian bridge. Installation of the bridge included prefabricating individual CLT pieces off site.
Fixed Mortgage Rates Push Higher in the Week Ending April 20th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 20th. The 30-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.27%. A year ago at this time, the 30-year rate averaged 5.11%.
The Conference Board US Leading Economic Index® Declines Again in March
The Conference Board released Thursday its Leading Economic Index® (LEI) for the US in March. The LEI declined 1.2% to a reading of 108.4 (2016=100) after posting a decline of 0.5% in February. The LEI has dropped 4.5% over the six-month period from September 2022 to March.
US Weekly Jobless Claims Increase for the Week Ending April 15th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 245,000 during the week ending on Saturday, April 15th. This is an increase of 5,000 from the previous week’s revised level of 240,000.
Southern Forest Products Association Reports Another Record Year of SYP Lumber Shipments
According to a press release issued on Monday by the Southern Forest Products Association (SFPA), shipments of Southern Pine lumber recorded a year-over-year increase in 2022, marking thirteen consecutive years of growth. Shipments in 2022 totaled 22.16 billion board feet (Bbf).
Mortgage Applications for New Home Purchases Up Month-Over-Month and Year-Over-Year in March
The Mortgage Bankers Association is reporting that data from its Builder Application Survey (BAS) reveal mortgage applications for new home purchases increased 10% month-over-month in March and were up 0.6% year-over-year. This change does not include any adjustments for typical seasonal patterns.
Canadian Housing Starts Declined in March
The Canada Mortgage and Housing Corporation reported Wednesday that the standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 11% in March to 213,865 units, compared to February’s 240,927 units.
Drones to Aid Tree Planting in BC Post-Wildfire Restoration Areas Deemed Too Unsafe
Telus has recently invested $11.4 million (CAD) and has teamed up with Canadian reforestation company Flash Forest to develop and expand its post-wildfire reforestation using drones to plant tree seedlings, according to the BC news site “Castanet.”
HS Timber Group Announces Sale of Its Sebes, Romania, Sawmill to Ziegler Group
HS Timber Group (HSTG), an Austrian wood processing company, announced Tuesday that it had recently sold one of its Romanian units to Germany’s Ziegler Group. Under the agreement, Ziegler Group is taking over the entire team of more than 650 employees.