The National Association of Realtors® (NAR) reported on Friday (3-25-22) that their Pending Homes Sales Index declined -4.1% in February from January to a reading of 104.9. This marks the fourth consecutive month of declines. Contract signings were down in 3 out of 4 regions, with only the Northeast posting a gain.
Wood Markets News
New Mass Timber Showcase Located in Vancouver, B.C. Scheduled for Substantial Completion in May 2022
A pilot project, whose soft costs are supported in part by Forestry Innovation Investment and Natural Resources Canada, is set for substantial completion by May 2022. The one-of-a-kind light-industrial/commercial building in mid-town Vancouver, B.C. is a four-story, 840-square meter building intended to demonstrate high-performance mass timber construction and design.
Median Mortgage Payment Increased 8.3% Month-Over-Month in February
The Mortgage Bankers Association has developed a new tool which measures how new monthly mortgage payments vary across time—relative to income—using data from MBA’s Weekly Application Survey (WAS). The new index is called the Purchase Applications Payment Index (PAPI).
University of Michigan’s Final Consumer Sentiment Index Declines for March 2022
The University of Michigan today (Friday 3-25-22) released its final Consumer Sentiment Index (CSI) for March. The CSI declined to a reading of 59.4 in March, down from 62.8 in February. This is a month-over-month decrease of -5.4% and down -30.0% year-over-year (84.9 in March 2021).
Spruce Bark Beetle Continues to Eat Through Southcentral Alaska Forests, With Time to Salvage Running Short
The spruce bark beetle is continuing to eat its way through the forests in Southcentral Alaska. According to estimates, over 1.6 million acres are now impacted. Time is quickly running out to salvage any marketable value out of the effected wood.
Mortgage Rates Continued to Climb Higher in the Week Ending March 24, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 24, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.42% with an average 0.8 point, up from last week when it averaged 4.16%. A year ago, at this time, the 30-year FRM averaged 3.17%.
Weekly Jobless Claims Decline in the Week Ending March 19, 2022
The U.S. Department of Labor is reporting that an additional 187,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 19, 2022. This is a decrease of 28,000 from the previous week’s revised level and the lowest level of initial claims since September 6, 1969.
Canadians Receiving Employment Insurance Little Changed Month-Over-Month in January 2022
Statistics Canada (StatsCan) reported today (3-24-22) that approximately 633,000 Canadians received regular Employment Insurance (EI) benefits in January, little changed from December 2021. The January EI statistics reflect labor market conditions during the week of January 9th to 15th, 2022.
New Residential Single-Family Homes Sales Down Month-Over-Month and Year-Over-Year in February
New residential single-family home sales for February 2022 were at a seasonally adjusted annual rate of 772,000, according to estimates. This is -2.0% below the revised January rate of 788,000 and is -6.2% below the February 2021 estimate of 823,000.
Freddie Mac Reports its Multifamily Apartment Investment Market Index® Declined in Q4 2021
Freddie Mac is reporting that its Multifamily Apartment Investment Market Index® declined by -4.8% in Q4 2021 and is down -2.4% when compared to Q4 2020. Record multifamily price appreciation, which saw its largest single-quarter growth in the history of the index, and rising mortgage rates more than offset unprecedented growth in net operating incomes.