Redfin, the Seattle-based technology-powered real estate brokerage company, is reporting that for the 4-week period ending on March 14, 2021, the median home sales price increased 17% year-over-year to $330,250 — an all-time record in this data set, which dates back through 2016.
Wood Markets News
Building with Mass Timber Will Make the Two New Vancouver B.C. Schools More Earthquake Resistant
The Canadian government has announced that it is investing $1.48 million (CAD) to help in the construction of two schools built with mass timber that will be more resistant to earthquakes. The funding comes from the Department of Natural Resources under a program that encourages the use of wood in innovative construction projects such as tall wood buildings, low-rise nonresidential buildings, and bridges.
Canadian Employment Loses 108,000 Jobs Between January and February 2021
According to the ADP® February 2021 Canada National Employment Report, which is produced by the ADP Research Institute®, employment in Canada decreased by 108,000 jobs from January to February. The report, which is derived from actual ADP payroll data, measures the change in total nonfarm payroll employment each month on a seasonally adjusted basis.
Shortage of Seedlings Leave Oregon Small Landowners in a Bind
As a result of last year’s wildfires, small landowners in Oregon find themselves in a predicament. Oregon law requires replanting after harvesting trees for timber, but there now is a surge in demand for a product that takes two years to grow. Seedlings that will be ready this year already are sold, and those planted because of new demand will take time to grow.
Weekly Jobless Claims Increase in the Week Ending March 13, 2021
The U.S. Department of Labor is reporting that an additional 770,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 13, 2021 — an increase of 45,000 from the previous week’s revised level. The 4-week moving average was 746,250, a decrease of 16,000 from the previous week’s revised average.
The Conference Board’s Leading Economic Index® Increases in February
The Conference Board, which was founded in 1916 as a non-partisan, not-for-profit think tank, released today (3-18-22) their February 2021, Leading Economic Index® (LEI) for the U.S. According to the release, the LEI which is based on ten separate components increased 0.2% in February, following a 0.5% increase in January and a 0.4% increase in December.
30-Year Mortgage Rate Ticks Higher in the Week Ending March 18, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 18th March 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05%.
Higher Interest Rates Will Eliminate Many Would be Home Buyers from the Marketplace
The National Association of Home Builders (NAHB) 2021 Priced-Out-Estimates reports that 75.1 million U.S. households are unable to afford a median priced new home and that an additional ~154,000 would be priced out if the price of a home were to go up by $1,000.
Industry Veteran Helps to Turn Potential into a Reality at Northern Ontario Sawmill
Despite having ‘retired’ in 2005, Frank Dottori, the founder of Tembec Inc., continues to pursue opportunities in the forest products industry. His most recent as the CEO of White River Forest Products (WRFP) located in White River Ontario and WRC Timber — the mills parent company. The WRFP mill was shut down for seven years before WRC Timber bought the mill in 2013.
Capesize Vessels Pressed into Service to Transport Logs and Save Shippers Money
Lumber traders in an attempt to keep their freight cost under control have started using Capesize vessels. Capesize vessels are the largest class of bulk ships and typically carry cargo such as iron ore, coal, and grain. The name Capesize comes from the fact that they are so large that they cannot pass through the Panama Canal and thus have to sail around the Cape of Good hope to sail between the Atlantic and Pacific Ocean.