On Wednesday, the National Association of Realtors® reported its Pending Homes Sales Index improved 0.8% month-over-month in February to a reading of 83.2. However, contract signing declined 21.1% year-over-year. The Index has now increased for three consecutive months.
Wood Markets News
Washington State DNR Announces Plans for Prescribed Burns on More Than 2,100 Acres This Spring
The Washington Department of Natural Resources (DNR) plans to burn more than 2,100 acres this spring in an aim to prevent more severe wildfires this summer, according to The Seattle Times. In 2021, state lawmakers earmarked $500 million for wildfire prevention and forest health.
Western Washington University to Begin Construction on Region’s First Carbon Net-Neutral Collegiate Facility
Western Washington University will break ground in May on the region’s first carbon net-neutral collegiate facility, according to a report by 425Business magazine. When completed, Kaiser Borsari Hall will be four stories tall and 54,000 square feet.
Mortgage Applications Increase for Fourth Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 24th, the Market Composite Index—a measure of mortgage loan application volume—increased 2.9% on a seasonally adjusted basis from one week earlier.
State-Level Review of Construction Sector Employment in February
A closer look at the Bureau of Labor Statistics nonfarm payroll report for February reveals that across the 48 states which reported construction sector data, 24 states reported an increase in February compared to January, while 19 states lost construction sector employment.
FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in January
The Federal Housing Finance Agency (FHFA) reported today (3-28-23) its House Price Index (HPI®) for January. According to the HPI, US house prices rose 0.2%, seasonally adjusted, between December and January. Year-over-year, house prices rose 5.3%.
US Forest Service and National Alliance of Forest Owners Sign Memorandum of Understanding
On Monday, the US Forest Service and the National Alliance of Forest Owners announced the signing of a MOU creating a partnership to enhance cooperation between private working forest owners and public land managers during wildfires.
S&P CoreLogic Case-Shiller US Home Price Index Declined Again in January
On Tuesday, S&P Dow Jones Indices released its latest S&P CoreLogic Case-Shiller US National Home Price NSA Index. The Index reported that home prices experienced a 3.8% annual gain in January. This is down from a 5.6% annual gain in December.
Delays in Implementing New Brunswick’s Higher Timber Royalties Saved Forest Companies Millions
Delays by New Brunswick’s provincial government in setting up higher timber royalties last summer to take advantage of elevated lumber prices helped forest companies avoid millions of dollars in extra charges on wood they were cutting on public land at the time, according to reporting by CBC New Brunswick.
The Conference Board’s Consumer Confidence Index Edged Higher in March
The Conference Board released today its Consumer Confidence Index® (CCI) for March. The CCI rose to 104.2 (1985=100) in March, up from February’s reading of 103.4.