The National Association of Realtors® (NAR) has reported that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined for the second month in a row, failing -10.6% in February to a reading of 110.3.
Wood Markets News
Canadian Real GDP Increases 0.7% in January
Statistics Canada (StatsCan) is reporting that real gross domestic product (GDP) in Canada rose 0.7% in January, following 0.1% growth in December. This marks the ninth consecutive monthly increase, continuing to offset the steepest drops on record in Canadian economic activity observed in March and April 2020.
Japan’s Housing Starts Decline Further in February
According to data released by the Ministry of Land, Infrastructure, Transportation and Tourism on Wednesday, March 31, 2021, Japan’s housing starts continued their decline in February. Year-over-year housing starts in Japan decreased -3.7% in February.
Mortgage Applications Decrease for Fourth Week in a Row in the Week Ending March 26, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending March 26, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week.
ADP Reports Private Sector Employment Increased by 517,000 Jobs in March
According to the March ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 517,000 jobs from February to March. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
West Frasier Updates Progress on Dudley Georgia Lumber Mill and Chambord Quebec OSB Mill
West Frasier announced on Monday, March 29, 2021 operational updates on their Dudley, Georgia lumber mill and Chambord, Quebec OSB mill. The Company’s OSB mill in Chambord has completed commissioning and panels are now being produced and shipped to customers.
Segezha Group Opens Russia’s First Cross-Laminated Timber Manufacturing Plant
Segezha Group, which is wholly owned by Sistema, is Russia’s leading wood processing holding company, and it has just started Russia’s first cross-laminated timber (CLT) panels plant in Sokol, Vologda region, 500 km northeast of Moscow.
S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index Reports Home Prices Gained in January
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index report, which covers all nine U.S. Census divisions, home prices gained 11.2% in January (on an annual basis), up from 10.4% increase in December 2020. The 10-City Composite annual increase came in at 10.9%, up from 9.9% in the previous month.
Federal Housing Finance Agency Reports January House Prices Increased 12% Year-Over-Year
According to the latest Federal Housing Finance Agency’s House Price Index (FHFA HPI®), house prices rose nationwide in January, up 1.0% from the December 2020 reading. Year-over-year house prices have increased 12.0% (January 2020 to January 2021).
The Conference Board Consumer Confidence Index® Surges Higher in March 2021
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (2-23-21) their Consumer Confidence Index® (CCI), which surged in March to its highest reading in a year after a modest increase in February.