Redfin, the Seattle-based technology powered real estate brokerage is reporting that the median home sale price increased 17% year-over-year (Y-O-Y) to $328,350 — an all-time high — for the week ending March 7, 2021. This is the largest increase on record in this data set, which goes back through 2016. New home sales listings were down -17% Y-O-Y.
Wood Markets News
EU27 +UK Imports of Plywood Drop for Second Year in a Row
Impacts of the COVID-19 pandemic and the United Kingdom (UK) leaving the European Union (EU) has resulted in the EU27 +UK in -7% decrease of plywood and other woods in 2020, this on the heals of a -14% decline in 2019.
Construction Begins on the Darrington Wood Innovation Center in Darrington Washington
Construction is officially set to begin on a 100-acre, $ 73 million timber innovation center in Washington state. First announced in July 2020, the Darrington Wood Innovation Center will house a mass-timber production facility and serve as a hub for innovative wood product manufacturing.
China’s Ban on Imported Logs from Australia Creating Hardship on Australian Timber Industry
Diplomatic ties between Australia and its largest trading partner deteriorated last year after Canberra called for an international inquiry into the source of the coronavirus, angering China. Any hopes of a quick reconciliation have been dashed as Canberra and Beijing have now ensnared bureaucrats, who would usually stay engaged during a temporary disagreement.
JOLTS Reports Construction Job Openings Rate Increases in January
An in depth look at the U.S. Bureau of Labor Statistics (BLS) Job Opening and Labor Turnover Survey (JOLTS) for January 2021, with analysis provided by the National Association of Home Builders (NAHB) reveals that job openings in construction increased in January to their highest level since the fall of 2019.
Bureau of Labor Statistics Reports Producer Price Index for Final Demand Increased 0.5% in February 2021
The Bureau of Labor Statistic reported today, Friday March 12th, 2021, that the Producer Price Index for final demand seasonally adjusted increased 0.5% in February. This rise followed advances of 1.3% in January and 0.3% in December.
Poland Announces Plans to Resume Logging in the former Bialowieza Forest
Poland sighting the need to clear roads and protect trees from the spruce bark beetle has announced it plans to resume logging in the former Bialowieza Forest.
First Time Home Buyers Currently Make up 43% of New Home Market
Results of the February survey for the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reveals that first-time home buyers comprise ~43% of the new home market. The average first-time buyer share has trended upward steadily since NAHB began using the current methodology to measure it in 2016.
Fannie Mae Tightens Standards Loans on Investment Property
In a letter sent to sellers on Wednesday (3-10-21), Fannie Mae, the government sponsored entity (GSE), said it was tightening the underwriting criteria for second homes and investment properties.
30-Year Mortgage Rate Tick Higher in the Week Ending March 11th, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 11th March 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.05% with an average 0.6 point, up from last week when it averaged 3.02%. A year ago, at this time, the 30-year FRM averaged 3.36%.