Wood Markets News


Mortgage Applications Decline Sharply in Week Ending November 26, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 26, 2021, which includes adjustments for the Thanksgiving holiday, the Market Composite Index (a measure of mortgage loan application volume) decreased -7.2% on a seasonally adjusted basis from one week earlier.

West Fraser Temporarily Eliminates Weekend Shift at Williams Lake Plywood Mill

According to West Fraser corporate spokesperson Joyce Wagenaar, “As a result of the significant flooding in southern B.C., the province is now facing serious transportation and logistics issues impacting highways, rail, and our ports.” West Fraser’s Williams Lake mills will be operating at its usual Monday through Friday schedules; however, the company is temporarily curtailing its weekend shift at its plywood mill.

U.S. Housing Prices Increased 18.5% Year-Over-Year in Q3 2021

The Federal Housing Finance Agency (FHFA) announced today (11-30-21) their Housing Price Index (HPI) for Q3 2021. According to the report, year-over-year (Q3 2020 – Q3 2021) home prices rose 18.5%. When compared to Q2 of 2021, they were 4.2% higher. FHFA’s seasonally adjusted monthly price index for September was up 0.9% from August.

Canadian Real GDP by Industry Increased 0.1% in September, Held Back by Five Consecutive Months of Construction Declines

Statistics Canada (StatsCan) reported today (11-30-21) that real gross domestic product (GDP) rose 0.1% in September. This occurred as declines in the manufacturing, construction, and retail trades were more than compensated for by expansions in service-producing industries, mining, quarrying, and oil and gas extraction. However, for the fifth consecutive month construction declined, down -0.7% in September.

Consumer Confidence Declined in November

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (11-30-21) their Consumer Confidence Index® (CCI) for November 2021. The CCI declined in November following an uptick in October and decreases in August, July, and June. The Index now stands at 109.5 (1985=100), down from 111.6 in October.

Pending Homes Sales Up 7.5% in October 2021

The National Association of Realtors® (NAR) reported on Monday (11-29-21) that their Pending Homes Sales Index (PHSI) — based on signed real estate contracts, not actual closings for existing single-family homes, condominiums, and co-ops — increased 7.5% month-over-month in October 2021 to a reading of 125.2.