Wood Markets News


Mortgage Applications Increased in the Week Ending August 20, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 20, 2021, the Market Composite Index (a measure of mortgage loan application volume) increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.

July New Home Sales Up 1.0% Month-Over-Month but Down Year-Over-Year

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported that new residential single-family home sales for July 2021 were at a SAAR of 708,000, according to estimates. This is 1.0% above the revised June rate of 701,000 but is -27.2% below the July 2020 estimate of 972,000.

Multifamily Starts Remained Elevated in Q2 of 2021

Quarterly U.S. Census Bureau data, with analysis provided by the National Association of Home Builders (NAHB), reveals that the market share of rental units of multifamily construction starts remained elevated at a reading of 95.2% during Q2 of 2021.

Rent Prices Move Higher Rapidly — Strong Recovery Underway

Zillow®, the Seattle-based, online real estate marketplace company, revealed in their latest housing market report that a strong and widespread recovery of rents has pushed prices beyond where they would have been had the COVID-19 pandemic never have occurred. Nationally, typical monthly rents rose to $1,843 in July, surpassing June’s record appreciation and rising 9.2%, or $156, above July 2020.

Woodgrain Inc. to Expand Operations in Southwest Virginia

Virginia Governor Ralph Northam announced on Friday (8-20-21) that Woodgrain Inc., a family-owned business based in Idaho and one of the largest millwork companies in the world, will be investing $9 million to expand its operation in Smyth County and investing more than $8 million to purchase and expand the former Independence Lumber sawmill in Grayson.

Existing Home Sales in July Up 2% Month-Over-Month and 1.5% Year-Over-year

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).