Redfin reported on Friday that the median US asking rent fell 0.4% year-over-year in March to $1,937. This is the first annual decline in asking rents since March 2020 and the lowest median asking rent in 13 months. As a comparison, rents were up 17.5% one year earlier in March 2022.
Wood Markets News
Existing Canadian Home Sales Continued to Rise in March—Market Remains Tight
The Canadian Real Estate Association reported on Friday that home sales recorded over the Canadian MLS® Systems posted a 1.4% increase from February to March. The small increase built on an increase of the same size in February, marking the first back-to-back monthly gains in over a year.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for April
The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for April. The Index of Consumer Sentiment increased to 63.5 in April, up from 62.0 in March. This is a month-over-month increase of 2.4%.
Residential Building Materials Prices Climbed in March
A closer look into the Bureau of Labor Statistics March Producer Price Index (PPI) reveals that the price of building materials used in residential construction rose 0.3% in March (not seasonally adjusted). After declining in the last four months of 2022, the index has increased three months in a row.
Producer Price Index for Final Demand Declined 0.5% in March; Up 3.6% Year-Over-Year
The Bureau of Labor Statistics reported Thursday that the Producer Price Index (PPI) for final demand, seasonally adjusted, decreased 0.5% in March. On an unadjusted basis, the index for final demand advanced 2.7% for the twelve-month period ending in March.
First All-Wood, Mixed-Use Mass Timber Development in PNW Coming to Portland, Oregon
After a decade of planning and investigation, Waechter Architecture has recently unveiled its latest project in Portland, Oregon’s vibrant Mississippi Avenue District, according to “designbloom” (4-12-23). “The Mississippi” is the Pacific Northwest’s first “All-Wood” mixed-use mass timber development.
Total Commercial and Multifamily Lending Declined 8% Year-Over-Year in 2022
According to the Mortgage Bankers Association 2022 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, total commercial real estate mortgage borrowing and lending equaled $816 billion in 2022. This is down 8% from the record $891 billion in 2021.
Mortgage Rates Inch Down in the Week Ending April 13th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 13th. The 30-year fixed-rate mortgage averaged 6.27%, down from last week when it averaged 6.28%. A year ago at this time, the 30-year rate averaged 5.00%.
US Weekly Jobless Claims Increase for the Week Ending April 8th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 239,000 during the week ending on Saturday, April 8th. This is an increase of 11,000 from the previous week’s unrevised level of 228,000.
Canadian Investment in Building Construction Increases in February
Statistics Canada reported Wednesday that investment in building construction rose 1.0% to $20.6 billion (CAD) in February, with all sectors posting gains. Investment in residential building construction climbed 1.1% to $15.0 billion.