NewLife Forest Restoration, on Friday (4-23-21) held a ribbon cutting ceremony at its new 425,000 square foot sawmill facility in Bellemont Arizona. NewLife currently holds the largest contract with the United States Forest Service for logging operations associated with the Four Forest Restoration Initiative, also called 4FRI.
Wood Markets News
Redfin Report Confirms Demand for Housing Continues to Exceed Limited Supply
Redfin, the Seattle-based, technology-powered real estate brokerage is reporting that year-over-year, for the 4-week period ending Sunday, April 18, 2021, the median home-sale price increased 18% to $344,625, setting yet another all-time record high. Providing further evidence of a housing market where demand greatly exceeds supply.
The Ongoing Pandemic Continues to Increase the Appeal of Homeownership
According to the National Association of Home Builders (NAHB) Q1 2021, Housing Trends Report (HTR), 16% of American adults are considering purchasing a home within the next 12-months. That is a 6-point increase over 2020, and marks the third (and largest) year-over-year gain in the share of prospective buyers in the HTR’s history.
New Residential Single-Family Home Sales Soar in March
The U.S. Census Bureau reported that new residential single-family home sales for March 2021 were at a SAAR of 1,021,000, according to estimates. This is 20.7% above the revised February rate of 846,000 and is 66.8% above the March 2020 estimate of 612,000.
Biewer Lumber Company Breaks Ground on their New State-of-the-Art Sawmill in Winona Mississippi
Biewer Lumber Company, with corporate headquarters in St. Clair Michigan, held a groundbreaking ceremony on Wednesday (4-21-21) at the site of their new state-of-the-art sawmill in Winona, Montgomery County, Mississippi. When operating at full capacity the mill will provide over a hundred new jobs in the area.
Element5 St. Thomas Ontario Cross-Laminated Timber Plant Adds Forest Stewardship Council® Chain of Custody Certification
Element5, Ontario’s only cross-laminated timber (CLT) manufacturer announced on Friday (4-16-21) that its new factory in St. Thomas, Ontario, has received Forest Stewardship Council® (FSC®) Chain of Custody certification from SCS Global Services.
Canadian Unemployment Increases 3.6% in February
Statistics Canada (StatsCan) is reporting that February Employment Insurance (EI) reflecting the week of February 14 through February 20, shows the number of Canadians receiving regular EI benefits rose 3.6% (+53,000) to 1.5 million in February, following an 11.2% increase in January.
West Fraser is Producing and Shipping OSB Panels from their Chambord, Quebec Mill
West Fraser Timber Company has announced that it is once again producing and shipping OSB panels to customers from their Chambord, Quebec mill. The Chambord facility had been shuttered since 2008 but returned to life when West Fraser took possession of the mill via its acquisition of Norbord.
Existing Home Sales Decline in March, Rise 12.3% Year-Over-Year
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 March for the second month in a row, down -3.7% below February to a seasonally adjusted rate at 6.01 million homes.
30-Year Mortgage Rate Drops for Third Week in a Row During Week Ending April 22, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% percent with an average 0.7 point, down from last week when it averaged 3.04%. A year ago, at this time, the 30-year FRM averaged 3.33%.