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.
Wood Markets News
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.
New Production and Current Occupancy Rates in Existing Multifamily Housing Set Record Highs in Q3 2021
According to the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), sentiment on the production of new and occupancy in existing multifamily housing improved in Q3. The Multifamily Production Index (MPI) increased 5 points from the previous quarter to a reading of 53, while the Multifamily Occupancy Index (MOI) also increased by 5 point to a reading of 75.
Shawmut Design Building 75-Foot Office Building in LA out of Cross-Laminated Timber
Working in conjunction with the Santa Monica, California-based real estate firm Redcar Properties and Portland, Oregon-based architecture and design firm Lever Construction, Boston-based Shawmut Design and Construction is constructing a 75-foot-tall, 125,000 square-foot mixed-use office building in Los Angeles using cross-laminated timber.
Leading Economic Index® for U.S. Climbs Higher in October
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (11-18-21) the Leading Economic Index® (LEI) for the U.S. in October. According to the report, the LEI for the U.S. increased by 0.9% in October to 118.3 (2016 = 100), following a 0.1% increase in September and a 0.7% increase in August.