Redfin, the Seattle-based technology powered real estate brokerage firm, released today (10-22-21) their new analysis of home sales data. Redfin is comparing today’s market with the pre-pandemic fall market of 2019 to highlight how hot the market remains, even as most measures are settling into typical seasonal patterns.
Wood Markets News
Home Builders Report Availability of Developed Lots as Low to Very Low
The NAHB/Wells Fargo Housing Market Index (HMI) had a special question included in their September 2021 survey. The question asked builders about the availability of developed lots in their areas. The response indicates that home builders are facing supply side challenges similar to other U.S. industries — the shortage of labor and materials.
British Columbia’s Forest Minister Introduces Bill to “Reshape” Provincial Forest Management
On Wednesday (10-20-21), Katrine Conroy, British Columbia’s Forests, Lands, Natural Resource Operations and Rural Development Minster, introduced a bill to amend the Forest and Range Practices Act, saying it would “reshape” forest management in the province. Conroy told the legislature that the proposed changes align forestry legislation with the Declaration on the Rights of Indigenous Peoples Act passed in late 2019 and introduce “new tools to establish resilient forests.”
The U.K. Government to Promote the Use of Timber in Low-Rise Construction
The United Kingdom’s government yesterday (10-20-21) released its 368-page “Net Zero Strategy Report.” In the report, the government acknowledges that “felled trees store carbon within them and timber has the lowest carbon of any mainstream building material.” The report goes on to say the UK government would “promote the safe use of timber construction” through several measures.
Existing Home Sales Jump 7.0% in September
The National Association of Realtors® (NAR) reported today (10-21-21) that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums, and co-ops — increased 7.0% from August to a seasonally adjusted rate at 6.29 million homes in September. Year-over-year, however, sales are down -2.3% (6.44 million September 2020).
Leading Economic Index® for U.S. Modestly Higher in September
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (10-21-21) the Leading Economic Index® (LEI) for the U.S. in September. According to the report, the LEI for the U.S. increased by 0.2% in September to 117.5 (2016 = 100). This follows a 0.8% increase in August and a 0.9% increase in July.
Freddie Mac Expanding Eligibility to Help More Low- and Moderate-Income Homeowners Refinance Affordably
On Monday (10-18-21) Freddie Mac issued a statement in support of an announcement by the Federal Housing Finance Agency (FHFA) that Freddie Mac and Fannie Mae’s low-income refinance program will be expanded to include those making at or below 100% of the areas median income (AMI) — up from 80% AMI.
Mortgage Rates Climb Higher in the Week Ending October 21, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 21, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05% percent. A year ago, at this time, the 30-year FRM averaged 2.80%.
Weekly Jobless Claims Decline in the Week Ending October 16, 2021
The U.S. Department of Labor is reporting that an additional 290,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday October 16, 2021. This is a decrease of 6,000 from the previous week’s revised level and the lowest level for initial job claims since March 14, 2020, when it was 256,000.
One Sky Forest Products Moving Forward with Development of OSB Plant in Prince Albert, Canada
One Sky Forest Products Ltd., working together with its Indigenous partners, is moving forward with the development of a best-in-class, low-cost commodity Oriented Strand Board (OSB) facility in Prince Albert, Saskatchewan, Canada. Construction of the new facility is scheduled to start in Q3 2022, with start up targeted for 2023.