The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -1.8%, in July 2021 to a reading of 110.7. An index of 100 is equal to the level of contract activity in 2001.
Wood Markets News
Quick Action by Resolute Forest Employees at the Thunder Bay, Ontario Sawmill Limit Fire Damage
Prompt action by employees at the Resolute sawmill wood yard in Thunder Bay, Ontario helped to prevent a fire, caused by mechanical issues, in a large log mover from spreading into the adjacent log stockpile.
Timber Construction as a Potential Significant Carbon Sink?
The United Nations climate change conference — COP26 — is scheduled to begin in Glasgow Scotland on Sunday, October 31, 2021. There will be much to discuss, most notably the findings recently released by the Intergovernmental Panel on Climate Change (IPPC) in its Sixth Assessment Report.
San Group Opens New State-of-the-Art Small Diameter Log Sawmill in Port Alberni on Vancouver Island
The San Group, the Langley, B.C.-based company, is putting the finishing touches on the first new sawmill to be built on the B.C. coast in 15 years. The greenfield sawmill/reman operation is located in Port Alberni, on Vancouver Island. Unlike most mill operations on the B.C. coast, the new Port Alberni sawmill is specifically set up to handle smaller, second growth timber.
Median Home Price Up 16% Year-Over-Year, According to Redfin’s Latest Home Sales Report
Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in the 4-week period ending Sunday, August 22, 2021, the national median home sales price increased 16% year-over-year to $361,225. During the same period of time, the share of home sellers dropping their price each week rose to 5.1%.
Falling Lumber and Wood Product Prices Cause Canadian Industrial Product Price Index to Decline in July
Statistics Canada (StatsCan) reported today (8-27-21) the Canada’s Industrial Product Price Index (IPPI) declined -0.4% in month-over-month in July but year-over-year was up 15.4%. The Raw Materials Price Index increased for the tenth consecutive month, up 2.2% on a monthly basis in July and was 37.7% higher year-over-year.
Interest Rates on 3 out of 4 Acquisitions, Development, and Construction Financing Loans Declined in Q2
According to the latest National Association of Home Builders (NAHB) Survey on Acquisitions, Development, & Construction (AD&C) Financing, in Q2 of 2021 interest rates on three of the four categories monitored continued on their downward trend that stated in Q3 of 2020.
U.S. Personal Income and Outlay Both Increased in July 2021
The U.S. Bureau of Economic Analysis (BEA) reported on Friday (8-27-21) that according to their estimates, personal income (PI) increased $225.9 billion, or 1.1% in July. Disposable personal income (DPI) increased $198.0 billion, or 1.1%, and personal consumption expenditures (PCE) increased $42.2 billion, or 0.3%.
University of Michigan Index of Consumer Sentiment Posts Sharp Declines in Final August Results
The University of Michigan today (Friday 8-27-21) released its final Consumer Sentiment Index (CSI) for August. The Index of Consumer Sentiment dropped to a reading of 70.3 in August, down from 81.2 in July, a month-over-month decline of -13.4% and -5.1% year-over-year (74.1 in August 2020).
Resolute Forest Products Announces Additional Funding for the Expansion of the Fort William First Nation Sawmill
On Wednesday (8-25-21), Resolute Forest Products, which owns or operates 40 facilities in Canada and the U.S., as well as power generation assets, announced that it was increasing their investment in its sawmill on Fort William First Nation site, from the previously announced $13 million (CAD) to $17 million.