The fight over whether or not to ban roads on the more than 9 million acres of Alaska’s Tongass National Forest has been ongoing on for over 20 years. The Biden administration plans on settling that question once and for all. The restrictions had managed to stay in place for years through a series of court battles; however, the Trump administration reversed those legal decisions.
Wood Markets News
Auburn University Faculty and Fellow Scientists Look at 3-D Printing as an Option to Address Lack of Affordable Rural Housing
Several Auburn University faculty members and fellow scientists will be joining in an interdisciplinary project to address the hard-hitting reality that affordable housing is out of the reach of many Americans living in rural areas. The study, which spans the disciplines of engineering, chemistry, forest resources and architecture, also draws strongly upon the expertise of scientists at its partner institution, the University of Idaho.
Home Purchasing Demand Continues to Soar to New Record Highs
Redfin, the Seattle-based, technology-based real estate brokerage, is reporting that their Redfin Homebuyer Demand Index (HDI) for the week ending November 14, 2021 hit a new all-time high since at least 2017. The HDI is a seasonally adjusted measure of requests for home tours and other home-buying services.
Single-Family Home Sizes Continue to Grow Larger
According to Q3 2021 data from the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design, with further analysis provided by the National Association of Home Builders (NAHB), the median single-family homes’ livable space increased to 2,337 square feet. The average (mean) square footage of a new-single-family homes increased to 2,541 square feet.
Existing Home Sales Up Month-Over-Month but Decline Year-Over-Year in October
On Monday (11-22-21), The National Association of Realtors® (NAR) reported that total existing home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops) increased 0.8% month-over-month in October to a seasonally adjusted rate of 6.34 million homes. This marks the second consecutive month of growth.
Flood-Damaged Rail Lines in Vancouver and Southern B.C. Expected to Remain Impassable for Days
The rail lines that link Vancouver, B.C. and the southern part of British Columbia with the rest of Canada are flood-damaged and expected to be impassable for days. The rail lines owned by the Canadian Pacific Railway Ltd. and the Canadian National Railway Co. run along the Fraser River, which went over its banks and cut off roads, bridges, and tracks in this week’s heavy rain and flooding.
Custom Home Building Gains in Q3 — Best Since Spring 2008
Data from the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design, with further analysis provided by the National Association of Home Builders (NAHB), reveals that custom home building (homes not intended for sale) in Q3 2021 matched the best quarter for construction starts since the spring of 2008.
Germany’s Producer Price Index Increases at the Fastest Rate Since November 1951
The German statistics office Destatis reported on Friday (11-19-21) that the Producer Price Index for industrial products in German rose 18.4% year-over-year in October 2021. According to Destatis, this is the highest on-year increase since November 1951. Compared with the previous month, the index rose by 3.8% in October.
Construction Loan Rates Move Higher as Loan Availability Improves
According to the National Association of Home Builders (NAHB) Survey on Acquisition, Development & Construction (ADS&C) in Q3 2021, the effective interest rates increased in all four categories of loans tracked. The Q3 results reversed a general downward trend that has been ongoing since Q3 of 2020.
Homes Sales Experience Unusual 6.4% Decline in October
According to the RE/MAX National Housing Report for October 2021, which was released on Thursday (11-18-21), home sales fell -6.4% from September’s totals — nearly double the typical seasonal decline. The report notes that in the month of September home sales experienced near-record sales levels, which certainly contributed to the month-over-month decline.