Fannie Mae reported today (10-17-22) its latest Home Price Index (FNM-HPI) for 2022Q3. Single-family home prices increased at a non-seasonally adjusted rate of 13.8% in Q3—down from the revised Q2 reading of 19.1%. On a quarterly adjusted basis, home prices rose a seasonally adjusted 0.2% in Q3.
Wood Markets News
Investment in Building Construction in Canada Increased in August
Statistics Canada reported today that investment in building construction increased 0.4% in August to $21.1 billion (CAD). On a constant dollar basis (2012=100), investment in building construction declined 0.2% to $12.7 billion.
Canadian Home Sales Dip Month-Over-Month in September
The Canadian Real Estate Association (CREA) reported on Friday that home sales recorded over the Canadian MLS® System dipped from August to September by 3.9%. CREA notes that from May through August, month-over-month declines have been progressively growing smaller.
US National Interagency Fire Center Wildfire Update for October 17th: 1 of 72 Partially Contained
The US National Interagency Fire Center (NIFC) reported on Monday that the total number of large wildfires and complexes currently burning in the US continues to hold steady at 72, unchanged from last week’s report. More than 776,012 acres are currently burning across 6 different states.
Slowing Growth in Finnish Forests Jeopardizes the Country’s Ability to Meet Its Climate Goals
Researchers predict that the total growth of Finland’s forests will drop well below estimates calculated by the Natural Resource Institute of Finland. They further predict that forests will inevitably remain at a lower level for the next several decades.
Proposed Habitat Conservation Plan Could Negatively Impact Oregon County’s Annual Revenue
Oregon’s Clatsop County Board of Commissioners voted 4 to 1 for a proclamation opposing a conservation plan that would limit logging in state forests. The Oregon Department of Forestry plan would protect species under the Endangered Species Act by creating protected habitat across nearly 640,000 acres.
Dry and Unusually Warm Temperatures Extend Wildfire Season in Oregon and Washington
In Oregon and Washington, wildfire season usually begins to taper off with the start of fall. This year, however, dry and unusually warm temperatures have played a role in stimulating late-season fires.
Stora Enso Launches Sylva™ Building Solutions for Low Carbon Construction
Stora Enso OYJ on Tuesday launched its new sustainable and innovative construction solutions, Sylva™ by Store Enso. Sylva is a massive wood building kit comprised of pre-manufactured, custom-made applications delivered just-in-time to the building site.
University of Michigan Preliminary Consumer Sentiment Index Increases for October 2022
The University of Michigan released its Preliminary Consumer Sentiment Index for October. The Index of Consumer Sentiment increased to a reading of 59.8, up from its reading of 58.6 in September. This is a month-over-month increase of 2.0% but down 16.6% year-over-year (71.7 in October 2021).
Remodeler Sentiment Remains Positive in 2022Q3 but Down Year-Over-Year
The National Association of Home Builders/Westlake Royal Remodeling Index (RMI) posted a reading of 77 in 2022Q3. That is a year-over-year decline (2021Q3) of 10 points. An overall RMI of 77 points to positive remodeler sentiment.