On Monday, the National Association of Realtors® reported its Pending Homes Sales Index improved 8.1% month-over-month in January to a reading of 82.5. The PHSI has now increased for two consecutive months. Year-over-year, contract signings have declined 24.1%.
Wood Markets News
USDA Announces an Additional $10 Million Investment in Forest Nursery and Native Seed Partnerships
The US Department of Agriculture on Friday announced that nearly $10 million is being invested in forest nursery and native seed partnerships, with funding from the Bipartisan Infrastructure Law. Of the total funding, $4.5 million is being invested in 29 facilities to modernize forest nurseries.
Multifamily Market Continues to Experience High Demand, but Absorption Rate Declined in 2022Q3
Information from the US Census Bureau’s latest Survey of Market Absorption of New Multifamily Units, with further analysis provided by the National Association of Home Builders, reveals that the multifamily market continues experience high demand, with apartment completions reaching their highest point since 2021Q3.
Mortgage Payments Increase in January, Following Two Months of Declines
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability declined in January, as the national median payment applied for by applicants increased 2.3% to $1,964 from $1,920 in December 2022.
New Residential Single-Family Home Sales Rise in January
On Friday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for January were at a SAAR of 670,000, according to estimates. This is 7.2% above the revised December rate of 625,000.
Södra to Explore Building a Replacement Sawmill in Östergötland, Sweden
Södra announced on Thursday that is undertaking a preliminary project to investigate the potential of building a new large-scale sawmill in Kinda in Östergötland Municipality, Sweden, to replace an existing facility.
Housing Market’s Recovery Slowed by Low Inventory and High Prices in January
In a new report, Redfin said that pending home sales activity, through Redfin agents, rose 0.5% on a seasonally adjusted basis from a month earlier in January. That compares with December’s revised month-over-month increase of 1.4%, which marked the first gain in 14 months.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in January
The US Bureau of Economic Analysis reported on Friday that according to its estimates, personal income (PI) increased 0.6% in January; disposable personal income (DPI) increased 2.0%; and personal consumption expenditures (PCE) increased1.8%.
Cyclone Forces Pan Pac Forest Products to Close Its Whirinaki, New Zealand, Pulp Mill Until Further Notice
In response to the massive flooding caused by Cyclone Gabrielle, Pan Pac Forest Products announced on its website that, following assessment of the storm damage, its Whirinaki facility site will be closed until further notice. The cyclone ravaged New Zealand starting on February 12th.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for February
The University of Michigan on Friday released the final results of its Consumer Sentiment Index for February. The Index of Consumer Sentiment rose to a reading of 67.0 in February, up from 64.9 in January. This is a month-over-month increase of 3.2%.