Redfin reported today that the median US asking rent rose 4.8% year-over-year to $1,979 in December. This is the smallest increase since July 2021. December 2022 also marked the seventh straight month in which annual rent growth slowed.
Wood Markets News
Fixed-Rate Mortgages Move Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 12, 2023. The 30-year fixed-rate mortgage averaged 6.33%, down from last week when it averaged 6.48%. A year ago at this time, the 30-year rate averaged 3.45%.
US Weekly Jobless Claims Decline
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 205,000 during the week ending on Saturday, January 7, 2023. This is a decrease of 1,000 from the previous week’s revised level of 206,000 (originally reported as 204,000).
Interfor Announces Plan to Reduce Lumber Production in Q1
Interfor Corporation on Wednesday announced it plans to reduce its lumber production output in Q1 of 2023 by at least 100 million board feet, or 8% of quarterly capacity. A press release said the move was the result of economic conditions and market uncertainty continuing to impact lumber demand.
Mortgage Applications Increase During the Week Ending January 6th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending January 6, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 1.2% on a seasonally adjusted basis from one week earlier.
Fierce Dry Lightning Storm Sparks Dozens of Bushfires in Western Australia
On Monday, a fierce summer dry lightning storm struck southern Western Australia with an estimated 300,000 lightning strikes. As a result, dozens of bushfires have been sparked and a large response of firefighters and emergency crews, aided by aerial support, is currently underway.
LEVER Architecture’s Mass Timber Design Selected for Portland Museum of Art Expansion
Among a total of 104 worldwide entries, LEVER Architecture’s mass timber design has been selected over three other international semifinalist teams to design an expansion of the Portland Museum of Art in Maine’s largest City.
The NFIB’s Small Business Optimism Index Declined Again in December
The National Federation of Independent Business, one of the largest small business associations in the US, reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for December 2022. The December SBOI declined 2.1 points to a reading of 89.8.
Consumer Credit Debt on the Rise as Credit Card Interest Rates Set New Records
The US Federal Reserve on Monday released its latest G.19 Consumer Credit Report. Consumer credit outstanding grew to 7.1% (SAAR) in November, after climbing 7.4% SAAR in October. Revolving debt—which consists primarily of credit card debt—increased at a 16.9% rate.
West Fraser Announces Indefinite Curtailment of Its Perry Sawmill in Florida
West Fraser Timber Co. Ltd. announced today that it will indefinitely curtail its Perry Sawmill in Florida later this month. The company says the move is due to high fiber costs and softening lumber markets. The curtailment will reduce its US lumber production by 100 million board feet.