According to realtor.com®’s monthly housing report released on Tuesday (2-8-22), the typical U.S. home sold faster in January 2022 than in any other January on record. The report notes that the housing market remains “unseasonably hot” over the typically slower winter months. In January, the typical U.S. home spent 61 days on the market before being sold.
Wood Markets News
Mortgage Applications Drop in Week Ending February 4, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 4, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased -8.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -6.0% compared with the previous week.
In Oregon, Timber Industry and Environmental Groups Join Forces in Support of the “Private Forest Accord”
The Private Forest Accord, which is currently being considered by the state’s legislature, is a compromise deal on logging rules, which expands no-harvest buffers and makes other management changes. The bill also would strengthen rules for roads to ensure they do not obstruct fish passage and does not increase sediment in streams.
Consumer Credit Expands During All of 2021
On Monday (2-7-22), the Federal Reserve released their G.19 report for 2021. According to the report, with further analysis provided by the National Association of Home Builders, in 2021, consumer credit increased 5.9%, with revolving and nonrevolving credit increasing 6.6% and 5.7%, respectively. During Q4, consumer credit increased at a seasonally adjusted annual rate of 6.6%.
Housing Affordability in Q4 2021 Falls to its Lowest Level in a Decade
The National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) was released today (2-8-22) and reports that 54.2% of new and existing homes sold between October 1 and December 31, 2021 were affordable to families earning the U.S. median income of $79,900. This is down from the Q3 2021 reading of 56.6%.
NFIB’s Small Business Optimism Index Declines Slightly in January
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (2-08-22) that their NFIB Small Business Optimism Index decreased slightly in January to 97.1, down -1.8 points from December. For the month of January, of the ten components that make up the Index, one improved, while seven declined and two were unchanged.
U.K.’s James Jones & Sons Ltd Acquires a Majority Share in Australia’s Mayflower Enterprises Pty Ltd
James Jones & Sons Ltd., a family-owned and managed forest products company, now under its 5th generation of leadership and operating from 27 locations strategically located across the UK, recently announced that it has acquired approximately 60% of the shares in Mayflower Enterprises Pty Ltd., located in Australia. Mayflower Enterprises is the holding company of Hyne Timber and XLam.
Timber Import Volume into the U.K. Appears to be Returning to Traditional Winter Consumption Level
According to the latest Timber Trade Federation (TTF) statistics, timber and panel product import volumes into the United Kingdom continued to show a steady decline in Q4 2021, as a more regular demand pattern returns to the marketplace. TTF statistics reveal that the volume of timber and panel products imported into the UK declined month-over-month between October and November 2021 by 158,000 m3.
Fannie Mae Releases Home Purchase Sentiment Index® for January 2022
Fannie Mae today (2-7-22) released their Home Purchase Sentiment Index® (HPSI) for January 2022. The HPSI distills information about consumers’ home purchasing sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI for January decreased -2.4 points to 71.8 in January, its lowest level since May 2020, as affordability constraints continue to weigh on the housing market.
Prices Climb Higher as Listings for Existing Homes Continue to Decline
HouseCanary, Inc., the San Francisco-based technology and data-forward national real estate brokerage firm, has released its latest Market Pulse Report (MPR) covering 22 listing-targeted measures and comparing data between January 2021 and January 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.