New residential single-family home sales were at a SAAR of 617,000, 0.6% below the revised May rate and 7.4% below the June 2023 rate.
Wood Markets News
Canada to Invest $500,000 in CLT Manufacturing in Sturgeon Falls, ON
FedNor will invest $500,000 (CAD) in Sturgeon Falls Brush and Contracting Limited (SFB) for a boiler system to dry lumber that meets the requirements for the CLT industry.
Sawmill Production Declines in Q1
The production index for sawmills and wood preservation industries fell to 91.9 in Q1 (2017=100), the Federal Reserve and NAHB reported.
Freddie Mac Releases Midyear Outlook for Multifamily Housing
Freddie Mac expects multifamily performance to remain muted for the remainder of the year as the market works through a historically high supply of new units.
Bank of Canada Cuts Key Interest Rate by Quarter Point to 4.5%
The Bank of Canada cut its key interest rate for a second consecutive time but warned the path back to 2% inflation may be uneven and would ultimately determine the pace of future cuts, The Canadian Press reported.
Mortgage Applications Decline in the Week Ending July 19th
Mortgage loan application volume decreased 2.2% on a seasonally adjusted basis from one week earlier, MBA reported.
US Existing-Home Sales Continue to Decline in June
Existing-home sales declined 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million, NAR reported.
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.