Redfin is reporting that the national median asking rent price in July was up 14% year-over-year to $2,032 per month. Redfin says this is the smallest annual increase since November 2021 and compares with a revised gain of 15% in June and 16% in May of this year.
Wood Markets News
Canadian Unemployment Falls to New Record Low in June
Statistics Canada reported on Thursday that, according to the Labor Force Survey, unemployment in Canada fell by 54,000 (5.1%) in June. The decline has resulted in a record low unemployment rate of 4.9%.
Nova Scotia’s Updated Policy for Old-Growth Forests on Crown Land Effective August 18, 2022
Nova Scotia’s Minister of Natural Resources and Renewables, Tony Rushton, announced an updated old-growth forest policy for the province went into effect today. The updated policy applies to all old-growth forest on Crown land that is not already designated as part of a protected area.
As Housing Market Continues to Slow, Would-Be Homebuyers Are Increasingly Backing Out of Deals
Redfin is reporting that roughly 63,000 home-purchase agreements fell through nationwide in July, equal to 16.1% of homes that went under contract that month. That is up 15% from one month earlier and 12.5% year-over-year.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in July 2022
The National Association of Realtors® reported on Thursday that total existing home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops) dropped 5.9% in July from June to a seasonally adjusted rate at 4.81 million homes.
Mortgage Rates Move Slightly Lower in the Week Ending August 18, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 18, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.13% with an average 0.8 point, down from last week when it averaged 5.22%.
US Leading Economic Index® Declined Further in July, The Conference Board Reports
The Conference Board released today (8-18-22) the Leading Economic Index® (LEI) for July 2022. According to the report, the LEI declined 0.4% in July, falling to a reading of 116.6 (2016=100). The decrease follows a 0.7% decline in June.
Weekly Jobless Claims Inch Lower in the Week Ending August 13, 2022
The US Department of Labor is reporting that an additional 250,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, August 13, 2022. This is a decrease of 2,000 from the previous week’s revised-lower level of 252,000.
Tahoe Forest Products Ready to Start Construction on New Sawmill
Tahoe Forest Products, in a partnership with Washoe Development Corp., an affiliate of Washoe Tribe of Nevada and California, announced on Tuesday that they have officially leased 40 acres and plan to build the first major sawmill in the region in decades.
European Wildfires on Pace to Set Record Forestland Losses in 2022
Citing data provided by the European Forest Fire Information System (EFFIS), the AFP News Agency reported on Sunday that approximately 660,000 hectares (1,630,000 acres) of land have been ravaged by wildfires since January 1st through August 13th, 2022.