According to the latest results of the National Association of Home Builders’ Multifamily Market Survey (MMS), confidence in the market for new multifamily housing moved lower in Q1 of 2022. The MMS produces two main indices, the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI), both of which were lower.
Wood Markets News
Allied Timbers Zimbabwe Preparing to Commission Its New $12 Million Sawmill Facility
Zimbabwe’s largest timber producer, Allied Timbers Zimbabwe (ATZ), is preparing to commission its new $12 million (USD) sawmill at the Cashel Estate, located in the eastern highlands. ATZ seeks to become self-sufficient in terms of its planting, harvesting, and sawmilling, which will in turn will boost the company’s revenue inflow.
Inventory of Existing Homes For Sale Down -9% Year-Over-Year in April—Smallest Drop Since March of 2020
According to Redfin, the housing market inventory crunch in April showed signs of easing. The -9% year-over-year decline in homes for sale was the smallest since March of 2020 and the first single-digit drop since the start of the pandemic. Home sales slid -8%, the biggest drop since June 2020. The median home-sale price rose 16% to $424,000.
U.S. National Interagency Fire Center Wildfire Update for May 23, 2022
The NIFC is reporting that one large new wildfire was reported on Sunday (5-22-22) in Texas. Nationally, there are now 14 large wildfires burning over 536,604 acres in seven states. Currently, there are 6,332 personnel dedicated to controlling these fires. Only 5 of the 14 wildfires are being reported as partially contained.
State-Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs in April 2022
A deeper dive into the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment summary for April, with a state-by-state view and a focus on construction, reveals that nonfarm payroll employment increased month-over-month in 41 states and the District of Columbia in April, while 8 states lost jobs and North Dakota reported no change.
Canfor Pulp Products Further Extends Production Curtailment at Taylor Pulp Mill in B.C.
Canfor Pulp Products Inc. announced on Tuesday that it was further extending the production curtailment at their Taylor Pulp Mill in Vancouver. The Taylor mill produces bleached chemi-thermo mechanical pulp, with an annual production capacity of 230,000 tons. The curtailment will “continue for an extended period of time.”
Weyerhaeuser Completes Acquisition of Timberlands in North and South Carolina
Weyerhaeuser Company announced on Thursday (5-19-22) that it had successfully completed the acquisition of 80,800 acres of high-quality timberland located in North and South Carolina from a fund managed by Campbell Global for approximately $265 million. The original announcement of this acquisition was made in April of 2022.
Custom Home Building Continued to Grow in Q1 of 2022
According to the latest data from the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design survey, custom home building posted a year-over-year gain for Q1 of 2022. The survey reports that there were 46,000 total custom building starts in Q1 of 2022. This is a year-over-year increase of 28% (Q1 of 2021).
Home Sellers Rushing to Find Buyers as Demand Weakens Further and the Housing Market Cools
Redfin’s Home Buyer Demand Index (HBDI) posted its largest annual decline since April 2020. Still, desirable homes are getting scooped up at a record pace, a median 15 days on market. The HBDI noted that homebuyers continue to pull back in the wake of record-high purchasing costs. Mortgage purchase applications fell to their lowest level since May 2020.
New Home Purchase Mortgage Applications Drop Month-Over-Month & Year-Over-Year in April 2022
According to the April Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS), mortgage applications for new home purchases declined -10.6% year-over-year. Compared to March 2022, applications decreased by -14.0%. This change does not include any adjustments typical seasonal patterns.