The latest data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) reveals that the absorption rate of unfurnished and unsubsidized apartments (the share rented out in the first three months following completion) fell to 45% in Q1 of 2020, down from 53% in Q1 2019.
Wood Markets News
Existing Home Sales in August Hit Highest Level Since December 2006
The National Association of Realtors® (NAR) has reported that total existing-home sales in August, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.47% above July, to a seasonally-adjusted annual rate of 6.00 million in August.
New Home Prices in Canada See their Largest Monthly Increase in 3-years
Statistics Canada reported on Monday (9/21) that its New House Price Index (NHPI), which tracks the price of newly built homes, rose by 0.5% in August. The fourth straight month of increases and the largest increase in NHPI since May of 2017.
U.S. Household’s Market Values Increase in Q2 2020, Despite COVID-19 Pandemic
According to the second quarter of 2020 Federal Reserve Flow of Funds Report, the COVID-19 pandemic did not impact household’s market values. On the contrary, household market values continued to rise throughout all of Q2 of 2020.
Best Wood Schneider GmbH Releases Details on High-Tech Sawmill in Meßkirch
Best Wood Schneider GmbH with production site in southern Germany has released more details on their plans to build a state of the art, Euro 80 million sawmill in Meßkirch. The new mill will produce up to 200,000 m3 of lumber and 100,000 m3 of CLT per year.
Rayonier Reports Hurricane Damage in Louisiana and Wildfire Damage in Oregon
Rayonier is reporting that approximately 10,000 acres of their Louisiana timberland properties, sustained severe damage from Hurricane Laura, when she made landfall near Cameron Louisiana and moved inland through southwestern Louisiana.
Construction Time to Build a New Single-Family Home Increases in Latest U.S. Census Bureau Survey
The U.S. Census Bureau’s 2019 Survey of Construction (SOC) is reporting that the average time from start to completion of a single-family house was around 8.1 months.
U.S. Forest Service Announces the Re-Opening of Nine of the Eighteen Closed California National Forests in Varying Degrees
The U.S. Forest Service (USFS) announced on Saturday that they were opening 9 of the 18 California National Forests, after having shut them all down to “unprecedented’ fire dangers earlier in the month.
U.S. Retail Sales and Consumer Spending Slowed in August
According to a recent report from the U.S. Commerce Department, U.S. consumer spending slowed in August.
Adera Development Doubles Down on Building Mass Timber Homes in Vancouver
Adera Development has announced it is doubling its commitment to build mass timber homes in the Metro Vancouver market. Adera is a Vancouver-based residential and commercial developer, that is among the most active developers of mass timber homes in North America.