Wood Markets News


Existing Home Sales Decline 2.7% in April

The National Association of Realtors® (NAR) is reporting that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined in April for the third consecutive month, down -2.7% below March, to a seasonally adjusted rate at 5.85 million homes. Year-over-year sales are up 33.9% (4.37 million in April 2020).

Canadian New Home Prices Increase 1.9% in April, 9.9% Year-Over-Year

Statistic Canada (StatsCan) is reporting that new home prices at the national level increased 1.9% in April. Prices were up in 22 of the 27 census metropolitan areas surveyed. Continuing increases in construction costs pushed home prices higher in April. In Q1 of 2021, single-family home costs increased by 6.8%, while townhouses rose 6.9%.

Custom Home Building Starts Reported Flat in Q1 2021

The most recent U.S. Census data of Starts and Completions by Purpose and Design, with analysis provided by the National Association of Home Builders (NAHB), reveals that the market for custom home building continues to experience flat conditions amidst strong demand and rising material challenges. In Q1 of 2021, there were 36,000 total custom building starts.

Mortgage Rates Climb to 3% in the Week Ending May 20, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 20, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.00% with an average 0.6 point, up from last week when it averaged 2.94%. A year ago, at this time, the 30-year FRM averaged 3.24%.

Soaring Home Prices Are Keeping Many Would-Be Home Buyers as Renters

A recent CoreLogic survey indicated that 70% of consumers are citing high home inflation and surging home prices as a reason to rent. However, increased demand for rental properties is causing a problem of its own. The rental markets are growing more and more crowded and increasing demand for rentals risks creating a new affordability problem.

Weekly Jobless Claims Decline Further in the Week Ending May 15, 2021

The U.S. Department of Labor is reporting that an additional 444,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday May 15, 2021 — a decrease of 34,000 from the previous week’s revised level. This is the lowest level for this average of initial claims since March 14, 2020, when it was 256,000.

The Conference Board’s Leading Economic Index® Increases in April

The Conference Board, which was founded in 1916 as a non-partisan, not-for-profit think tank, released today (5-20-21) their April 2021 Leading Economic Index® (LEI) for the U.S. According to the release, the LEI which is based on ten separate components increased 1.6% in April, following a 1.3% increase in March and a -0.1% decline in February.