According to the ESR Group, total home sales are expected to come in lower than previously forecast through the rest of 2024, and then not pick up meaningfully until further out in 2025.
Wood Markets News
Canadian Industrial Product and Raw Materials Price Indices for July
Prices for lumber and other wood products fell 3.4%, mainly on lower prices for softwood lumber, down 7.8%.
Sweden’s Södra Raises Prices on Several Timber Products
Södra, Sweden’s largest forest owners’ association, announced it is raising the prices of several timber products as of August 21st.
State-Level Construction Employment Analysis for July
Overall, the construction industry added a net 25,000 jobs in July compared to the previous month, the BLS and NAHB reported.
Mortgage Applications Decline in the Week Ending August 16th
Mortgage loan application volume declined 10.1% on a seasonally adjusted basis from one week earlier, MBA reported.
Interfor Announces Indefinite Curtailments at Its Meldrim, GA, and Summerville, SC, Sawmills
Interfor announced that in response to persistently weak lumber conditions, it will indefinitely curtail operations at its sawmills in Meldrim, Georgia, and Summerville, South Carolina.
US Dept. of Commerce Publishes New Duties for Softwood Lumber Products From Canada
The US Department of Commerce has published the new antidumping and countervailing duty rates for imports of Canadian softwood lumber products in the Federal Register.
US Home Prices Increase 0.2% in July, The Smallest Month-Over-Month Increase Since January 2023
The Redfin Home Price Index ticked up 0.2% for the second consecutive month in July, on a seasonally adjusted basis. On a year-over-year basis, home prices rose 6.8%.
Canadian New-Home Prices Edge Higher in July
The national index edged up 0.2% month-over-month in July. Year-over-year, the index increased 0.1% July.
Single-Family Built-For-Rent Construction Posts Year-Over-Year Gain in Q2
There were approximately 23,000 SFBFR starts during Q2, almost 10% higher than 2023Q2, the Census Bureau and NAHB reported. Over the last four quarters, 83,000 such homes began construction.