Existing-home sales declined 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million, NAR reported.
Wood Markets News
Southern Pine Lumber Exports Reach Three-Year High in May
Exports of Southern pine lumber, both brite stock and treated, hit a three-year high of 59.7 MMBF in May, just shy of the record high 60.3 MMBF recorded in October 2021.
Fannie Mae Economic and Strategic Research Group Releases Its July Commentary
Home price growth in Q2 was stronger than previously anticipated but will likely moderate soon, closing 2024 and 2025 at annual rates of 6.1% and 3.0%, respectively, the ESR Group said.
Share of Mortgage Loans in Forbearance Increases in June—First Upward Movement Since October 2022
the total number of loans in forbearance as of June 30th increased to 0.23% of servicers’ portfolio volume, up from 0.21% in May, MBA reported.
Canadian Rail Cargo Movement Up 3.2% in May
Volume totaled 32.0 million tons, up 3.2% year-over-year. This is also above the five-year average of 31.4 million tons.
Lower Mortgage Rates and Additional Homes For Sale Give Homebuyers Some Relief
Redfin recently reported that the typical US homebuyer’s monthly housing payment was $2,722 during the four weeks ending July 14th, approximately $115 lower than April’s all-time high.
Mekong Wood Begins Production at New MDF Plant in Phu Tho, Vietnam
The Mekong Wood MDF Joint Stock Company has ventured into the production of MDF panels with a new plant in Phu Tho, Vietnam, Wood & Panel Europe reported.
Unique Launceston, Australia, Timber Office High-Rise Is Officially Open
Launceston’s newest office building and one of Australia’s most sustainable buildings is officially open, according to a feature by Pulse Tasmania.
US National Interagency Fire Center Wildfire Update as of July 22nd
As of Monday, July 22nd, 66 large active wildfires are being managed and have burned 1,125,770 acres. The National Wildfire Preparedness Level has been raised to a 5 out of 5.
Canadians Receiving Regular Employment Insurance Benefits Increase in May
464,000 Canadians received regular Employment Insurance (EI) benefits in May. This is up 1.9%, or 8,700, from April.