The National Association of Realtors® reported on Wednesday their Pending Homes Sales Index declined 1.0% in July from June to a reading of 89.8. The PHSI has now declined in eight times in the past nine months. Year-over-year contract signings have declined 19.9%.
Wood Markets News
Researchers Develop Transparent Coating for Fire-Proofing Wood
Currently, the timbers must be coated with a paint-like, fire-retardant coating. That is changing thanks to the new coating developed by NTU, which allow the timbers to remain exposed, while still providing a flame barrier when ‘activated’ by fire.
Mortgage Applications Sink Lower, Remaining at a 22-Year Low, in the Week Ending August 19, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending August 19, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.2% on a seasonally adjusted basis from one week earlier.
A Closer Look at Construction Employment Data for June
According to the latest Bureau of Labor Statistics data, with further analysis provided by the Associated Builders and Contractors, the construction unemployment rate hovered below 2% in June in 10 states but was as high as 6.5% in New Mexico.
New Residential Single-Family Home Sales Down Month-Over-Month and Year-Over-Year in July
On Tuesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for July were at a seasonally adjusted annual rate of 511,000 units, according to estimates. This is 12.6% below the revised June rate of 585,000.
Conifex Timber Inc. Announces Reduced Operations at Its Mackenzie, BC, Sawmill
Citing “acute transportation challenges,” Conifex Timber Inc. announced on Monday that it was reducing its operating schedule at its Mackenzie, British Columbia, sawmill facility to a one-shift basis for up to six weeks.
Södra Wood Announces Production Adjustment to Better Align Production With Customer Demand
Södra Wood announced on Monday that, while it still expects the long-term prospects for the use of sustainable building materials to remain strong, the company is now anticipating weaker demand for wood products in the short term due to increasing inflation and higher interest rates in both Europe and the US.
Multifamily, For-Rent Housing Starts Continued to Climb in Q2, Approaching 36-Year High
According to the latest quarterly US Census data, the number of multifamily, for-rent housing starts soared during Q2 2022. At 142,000 units started, Q2 was the largest quarter of rental multifamily construction since Q2 1986, or 36-years ago.
Mortgage Applications for New Single-Family Homes Decline Month-Over-Month and Year-Over-Year in July
The Mortgage Bankers Association announced on Monday the results of its Builder Application Survey (BAS) for July 2022. According to the BAS, mortgage applications in July for new home purchases declined 16.1% year-over-year. Month-over-month applications declined by 7%.
Homes Sales Drop Month-Over-Month and Year-Over-Year in July 2022
Redfin reported today that their home sales have dropped 19.3% year-over-year in July. They are now at their lowest level since the beginning of the COVID-19 pandemic when the housing market was close to a standstill. This is the largest annual decline in US home sales in more than a year.