Lumber and other wood product prices declined 1.2%, following six consecutive monthly increases. Softwood lumber was down 3.4%.
Wood Markets News
US Existing-Home Sales Rise 4.2% in February
Existing-home sales increased 4.2% to a seasonally adjusted annual rate of 4.26 million in February, NAR reported.
US Mortgage Rates Inch Higher in the Week Ending March 20
The 30-year fixed-rate mortgage averaged 6.67%, up from last week when it averaged 6.65%, Freddie Mac reported.
The Conference Board US Leading Economic Index Continues to Move Lower in February
The Conference Board Leading Economic Index declined 0.3% to a reading of 101.1 in February, after a revised decline of 0.2% in January.
US Weekly Initial Jobless Claims Trend Higher in the Week Ending March 15
The advance figure for seasonally adjusted initial unemployment claims was 223,000, an increase of 2,000 from the previous week’s revised total.
Canada Announces Support for British Columbia’s Forest Sector
Canada announced CA$20 million for 67 projects that will help to boost the competitiveness and resiliency of British Columbia’s forest sector.
US Mortgage Applications Decline in the Week Ending March 14
Mortgage loan application volume decreased 6.2% on a seasonally adjusted basis from one week earlier, MBA reported.
New Zealand and India Agree to Strengthen Forestry Ties
The Memorandum of Cooperation is aimed at reinforcing New Zealand’s commitment to enhancing collaboration with India in the forestry sector.
US Renter Population Increases in Q4
The number of renter households in America increased 0.8% year-over-year to 45.4 million in Q4, the slowest growth since 2023Q1, Redfin reported.
Construction Underway on 31-Story Mass Timber Tower in Milwaukee, WI
Construction has started on a 31-story, 378-unit mass timber mixed-use high rise in downtown Milwaukee, Wisconsin, according to The Daily Reporter.