According to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS) for January 2022, mortgage applications for new home purchases declined -12.5% year-over-year.
Wood Markets News
Home Prices Increase 1.5% Month-Over-Month and 19.9% Year-Over-Year in January
According to Zillow®’s, latest monthly report, home buyers will be facing another difficult shopping season. Home shoppers hoping for an injection of options and relief from heightened competition after December’s inventory drought instead saw the biggest decline in at least three years.
Despite Setbacks, Hampton Lumber Anticipates Opening Fort St. James, B.C. Sawmill This Summer
Oregon-based Hampton Lumber Company is still anticipating a summer opening of their new sawmill in Fort St. James, B.C. The plan remains on track despite the negative impacts from the COVID-19 pandemic, supply chain shortages, and the weather.
Townhouse Construction in U.S. Increases Quarter-Over-Quarter and Year-Over-Year in 2021
According to the U.S. Census Bureau’s data for Starts and Completions by Purpose and Design, with further analysis provided by the National Association of Home Builders (NAHB), townhouse construction increased by 28.1% in 2021. In 2020, medium-density construction lagged as housing demand shifted to more suburban and exurban areas.
Homes Sales Accelerating at Record-Breaking Pace
According to the latest report from Redfin, the Seattle-based, technology-powered real estate brokerage firm, in the four weeks ending February 13, 2022, homes sold faster than ever before. A record 57% of homes that went under contract did so within two weeks of being listed.
Existing Home Sales Increase 6.7% Month-Over-Month in January 2022
The National Association of Realtors® (NAR) reported on Friday (2-18-22) that total existing home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops) rose 6.7% in January from December to a seasonally adjusted rate at 6.50 million homes.
U.S. Leading Economic Index® Declines in January 2022
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (2-18-22) the Leading Economic Index® (LEI) for the U.S. in January 2022. According to the report, the LEI for the U.S. decreased by -0.3% in January to 119.6 (2016 = 100), following a 0.7% in increase in December and a 0.8% increase in November.
Canadian Unemployment Declines in all Provinces in December 2021
According to Statistics Canada (StatsCan), the number of Canadians receiving regular Employment Insurance (EI) benefits dropped by 56,000 (-8.1%) in December to 636,000. The number of regular EI beneficiaries fell in all provinces in December.
U.S. Building Permits Creep Higher, While Housing Starts and Completions Decline in January 2022
The U.S. Census Bureau reported on Thursday (2-17-22) that privately‐owned housing starts in January were at a seasonally adjusted annual rate (SAAR) of 1,638,000. This is -4.1% below the revised December estimate of 1,708,000 but is 0.8% above the January 2021 rate of 1,625,000.
EACOM Timber’s Timmins Sawmill Fire Will Not Lead to Layoffs at the Facility
A fire at EACOM Timber sawmill in Timmins, Ontario on Monday (2-14-22) caused roof damage to the facility, but it was not severe enough to force a curtailment at the operation. Employees returned to the site on Wednesday (2-16-22) after being off on Monday and Tuesday for safety reasons.