On Monday, the National Association of Realtors® (NAR) reported that total existing home sales, which are completed transactions for single-family homes, townhomes, condominiums and co-ops, increased 2.0% from June to a seasonally adjusted rate at 5.99 million homes in July. This marks the second consecutive month of increases. Year-over-year sales are up 1.5% (5.90 million July 2020).
Wood Markets News
Glennon Brothers Awarded Forestry and Land Scotland Contract
Thanks to a new contract awarded by the Forestry and Land Scotland (FLS), Glennon Brothers, a timber processor in Troon, will be able to create 25 new jobs by adding a third shift at their sister business Alexanders Timber Design.
Gains in Residential and Non-Residential Construction Employment Reported in July
A closer look at the latest Bureau of Labor Statistics nationwide total nonfarm payroll for July, with a specific focus on construction employment and analysis provided by the National Association of Home Builders (NAHB), reveals that across the 48 states which reported construction sector jobs data — which includes both residential as well as non-residential construction — 29 states reported an increase in July compared to June, while 17 states lost construction sector jobs.
U.S. Court of International Trade Rules Quick Tariff Reviews Overstepped Commerce Dept. Authority
A rule that allowed foreign producers, such as Canadian lumber producers, to quickly apply for lower countervailing duty rates if they weren’t individually investigated by the U.S. Commerce Department in its original duty inquiry has been eliminated in a decision handed down by the U.S. Court of International Trade.
Custom Home Building Posts Gains in Spring 2021
Results of the U.S. Census Bureau Data from the Quarterly Starts and Completions by Purpose and Design Survey, with analysis provided by the National Association of Home Builders, indicated that custom home building (those are homes not intended for sale) posted the second-best quarter since the Great Recession during the spring of 2021.
Conifex Timber Inc. Announces 2-Week Curtailment at Mackenzie, B.C. Sawmill Starting Monday, August 23, 2021
Conifex Timber Inc. announced on Friday (8-20-21) that it will be temporarily curtailing production at their Mackenzie, British Columbia, Canada sawmill for two weeks, starting on Monday, August 23, 2021. The bioenergy operations will remain uninterrupted.
Median Sold Home Price in July was up 20% Year-Over-Year to $385,000
Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in July the median price of a home sold was up nearly 20% year-over-year to a new all-time record high of $385,000. July was the 12th consecutive month of double-digit price gains, which is significant because a year ago the housing market was already in a strong growth phase, after pausing briefly at the onset of the pandemic.
Mortgage Delinquencies Decline in Q2 2021
According to the Mortgage Bankers Association’s (MBA) National Delinquency Survey (NDS) for Q2 of 2021, the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.47% of all loans outstanding. The delinquency rate was down 91 basis points from the Q1 of 2021 and down 275 basis points from one year ago.
Builder Confidence in the Market for New Multifamily Housing Declines in Q2 2021
According to the results released by the National Association of Home Builders’ (NAHB) Multifamily Market Survey (MMS), confidence in the market for new multifamily housing decreased in Q2 of 2021. The Multifamily Production Index (MPI), which was generated from the survey dropped 3-points to a reading of 48 compared to the previous quarter.
The Conference Board Reports U.S. Leading Economic Index® Increased in July
The Conference Board, which was founded in 1916 as a non-partisan, not-for-profit think tank, released today (8-19-21) their July 2021 Leading Economic Index® (LEI) for the U.S. According to the release, the LEI (which is based on ten separate components) increased by 0.9% in July to 116.0 (2016 = 100), following a 0.5% increase in June and a 1.2% increase in May.