Wood Markets News


Mortgage Applications Decline for Second Consecutive Week in the Week Ending September 3, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 3, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% compared with the previous week.

Job Opening and Labor Turnover Survey for July 2021

The U.S. Bureau of Labor Statistics (BLS) today (9-8-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for July 2021. According to the JOLTS report, as of the last business day in July, the number and rate of job openings was at a series record high of 10.9 million, or +749,000. The job openings rate increased to 6.9%.

Price per Square Foot of New Custom Single-Family Homes Increased 8% in 2020

According to the National Association of Home Builder’s analysis of the latest Survey of Construction (SOC) data, which comes from interviews of builders and owners of selected new houses, the median square foot price in a new custom single-family detached (SFD) homes started in 2020 increased 8%. Excluding ‘soaring’ improved lot values, the average SFD increased 4%.

Smith Leonard Residential Furniture Sales Increase 7% Year-Over-Year in June

Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that June 2021 sales were 7% higher year-over-year. In the survey report, Smith Leonard points out that the results of their monthly survey of residential furniture manufacturers and distributors have shown significant swings when comparing to the previous year’s monthly results.

Residential Construction Employment Increased in August 2021

A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll report for August 2021, with a focus on construction employment and analysis provided by the National Association of Home Builders (NAHB), reveals that residential construction employment rose by 17,400 in August, while non-residential construction lost -20,300 positions, reflecting declines in builders (-2,800), nonresidential specialty trade contractors (-9,200), and heavy and civil engineering construction (-8,300).