Redfin reported that US asking rents soared to a record high in August but noted that rent growth had moderated for the third consecutive month. According to Redfin, the US national median asking rent was up 11% year-over-year in August to $2,039.
Wood Markets News
Existing Home Sales Drift Lower in August, Marking Seventh Consecutive Monthly Decline
The National Association of Realtors® reported on Wednesday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 0.4% decline in August from July. Sales were at a seasonally adjusted rate of 4.80 million homes.
Canfor Corp. Announces Two-Week Curtailment in BC Beginning September 26 and Reduced Operating Schedules for the Remainder of the Year
Canfor Corporation on Monday announced a temporary reduction in production in British Columbia due to challenging market conditions. The production capacity will be reduced through a two-week curtailment beginning on Monday, September 26, 2022, at the majority of solid wood facilities in BC.
Housing Starts Push Higher, While Building Permits and Completions Trended Lower, in August 2022
The US Census Bureau reported on Tuesday that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,575,000. This is 12.2% above the revised July estimate of 1,404,000 but 0.1% below the August 2021 rate of 1,576,000.
World’s Tallest Hybrid Timber Building Coming to Sydney, Australia
Tokyo-based Obayashi Corporation and Sydney-based Built Pty Ltd. have started work on a 182-meter-tall (597 feet) skyscraper in central Sydney. The project is part of a partnership to build what will be the world’s tallest hybrid-timber building using an eco-friendly wood product.
Canadian Consumer Price Index Up 7.0% Year-Over-Year in August—Smaller Than July’s Gain
Statistics Canada reported today that the Consumer Price Index (CPI) increased 7.0% on a year-over-year basis in August, down from July’s 7.6% gain. This was the second consecutive slowdown in the year-over-year price growth.
Mortgage Applications for New Homes Down Year-Over-Year but Up Month-Over-Month in August
The Mortgage Bankers Association reported today its Builder Application Survey (BAS) data for August 2022. The BAS shows that mortgage applications for new homes purchased in August declined 10.1% year-over-year. When compared to July of 2022, applications increased by 17%.
Shares of Mortgage Loans in Forbearance Slightly Lower in August; 360,000 Homeowners Still Remain
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 2 basis points, from 0.74% of servicers’ portfolio volume in the prior month to 0.72% as of August 31.
Listings of Homes for Sale in the US Declined 8% Month-Over-Month in August
According to the latest report from Redfin, seasonally adjusted new listings of homes for sale declined 8% month-over-month in August to their lowest level since May 2020. Prior to the pandemic, there hadn’t been so few homes listed in the market since 2012.
Sweden’s Setra to Invest in Its Own Pellet Plant at Its Långshyttan Glulam Factory
Setra, one of Sweden’s largest wood products companies, announced on Friday that it intends to invest in its own pellet production plant at its factory in Långshyttan. In a statement, the company says the investment is strategic and will increase the value of bioproducts, as well as reduce transportation and CO2 emissions.