Redfin reports that home sales and listings of homes for sale both declined in September at a record pace. The number of homes sold dropped 25% year-over-year, while new listings declined 22%—the largest declines since May and April of 2020.
Wood Markets News
Canada’s Industrial Product Price Index and Raw Materials Price Index Both Increase in September
Statistics Canada on Wednesday reported that in September the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased month-over-month by 0.1%. Year-over-year the IPPI was 9% higher.
Canadian Housing Starts Hit Their Highest Level Since November 2021
The Canadian Mortgage and Housing Corporation reported on Tuesday that September’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada was at its highest level since November 2021, coming in at 299,589 units.
US Leading Economic Index® Declined in September, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the US in September 2022. According to the report, the LEI for the US declined 0.4% in September. The LEI has dropped 2.8% over the six-month period from March to September 2022.
Could Plastic Packaging Someday be Replaced by Wood-Based Products?
With both wildfires and petroleum-based plastics currently affecting life on earth and significantly adding to greenhouse gas emissions, the US Forest Service’s Forest Products Laboratory is invested in one solution for both by developing recyclable: next generation packing materials made from wood.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in September
The National Association of Realtors® (NAR) reported on Thursday (10-20-22) that total existing home sales recorded a 1.5% decline in September from August to a seasonally adjusted rate at 4.71 million homes—the eighth consecutive monthly decline.
Zanzibar to Become Home to World’s Tallest Hybrid Mass Timber Tower
The Zanzibar, Republic of Tanzania, will soon be home to the world’s tallest hybrid mass timber tower. The 28-story residential and commercial building will reach a height of 96 meters, or 315 feet. It will exceed the height of the current tallest hybrid building located in, Wisconsin.
Mortgage Rates Continue to Push Higher in the Week Ending October 20th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 20th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.94% with an average 0.9 point, up from last week when it averaged 6.92%.
US Weekly Jobless Claims Decline for the Week Ending October 15th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 214,000 during the week ending on October 15; this is a decrease of 12,000 from the previous week’s revised level of 226,000.
US Housing Starts Fall in September, While Building Permits and Completions Rise
The US Census Bureau reported on Wednesday that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,439,000. This is 8.1% below the revised August estimate of 1,566,000 and is 7.7% below the September 2021 rate of 1,559,000.