Redfin is reporting that in the 4-week period ending on July 17, the typical home spent 19 days on the market. This is just one day longer than during the same period one year ago.
Wood Markets News
Home Building Construction Times Increased Year-Over-Year in 2021
According to the U.S. Census Bureau’s 2021 Survey of Construction, with further analysis provided by the National Association of Home Builders, the average completion time of a single-family house in 2021 was approximately 8.2 months.
Stz’uminus First Nation and BC Provincial Government Sign New Reconciliation Agreement
The signing of the reconciliation agreement is an incremental step toward the parties’ together identifying potential provincial Crown land for transfer, and a commitment to land transfer agreements as much as $28.5 million. Implementing the agreement will be an immense undertaking over several years.
Fannie Mae’s Economic and Strategic Research Group Downgrades Expectations for GDP Growth in Full-Year 2022 and 2023
Fannie Mae’s Economic and Strategic Research (ESR) Group announced on Wednesday that they were downgrading their expectations for full-year 2022 and 2023 real GDP growth. The ESR indicated that softening consumer spending and downward revision to business inventory investment data amid record inflation and higher interest rates were the cause for the downgrade.
Amid Declining Softwood Lumber Prices, Canada’s Industrial Product Price Index & Raw Materials Price Index Are Trending Lower
Statistics Canada reported on Wednesday that the price of products manufactured in Canada as a measured by the Industrial Product Price Index (IPPI) declined by 1.1% month-over-month in June. This was the first monthly decline in the IPPI since August 2021, when it declined 0.3%.
US Leading Economic Index® Declined Further in June, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the U.S. in June of 2022. According to the report, the LEI for the U.S. declined 0.8% in June, falling to a reading of 117.1 (2016=100). The decrease follows a 0.6% decline in May. The LEI is now down 1.8% over the first half of 2022.
Mortgage Rates Continued to Push Higher in Week Ending July 21, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 21, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.54% with an average 0.8 point, up from last week when it averaged 5.51%.
Weekly Jobless Claims Continued to Trend Higher in the Week Ending July 16, 2022
The U.S. Department of Labor is reporting that an additional 251,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, July 16, 2022. This is an increase of 7,000 from the previous week’s unrevised level of 244,000.
The Lheidli T’enneh First Nation Reaches Timber Harvesting License Agreement With BC Government
The Lheidli T’enneh First Nation, located in the Prince George, BC, area, has reached an agreement with the BC government and will have exclusive timber harvesting rights to an estimated 217,312 hectares within the Nation’s territories east of Prince George.
Western Forest Products to Purchase Assets of Washington-Based Glulam Manufacturer Calvert Company
Western Forest Products Inc. announced on Tuesday that a wholly owned subsidiary of Western has entered into an agreement to acquire certain assets of Calvert Company, Inc. located in Washington State for the consideration of $12 million (USD), which includes $2.5 million in inventory.