Existing Canadian home sales rose 56.9% month on month in May. This as they recover from their weakest levels on record in April, the result of the COVID-19 pandemic and shelter in place restrictions.
Wood Markets News
Builder Confidence Rockets Higher in June
According to the latest NAHB / Wells Fargo Housing Market Index (HMI) for June, builders’ confidence in the market for newly built single-family homes increased to 21 points to a reading of 58.
China’s Economy is Reopening and Home Prices Hit Seven Month High
According to National Bureau of Statistics data, China’s home prices in May, rose at the fastest pace in the past seven-month period.
Online Virtual Home Tours Help Singapore Homes Sales Rebound 75%
Asia’s property markets are starting to recover from the economic shutdowns due to the COVID-19 pandemic. Singapore is a perfect example.
Southern California Home Sales Experience 7- Consecutive Week of Growth – U.S. Markets Heating Up
A sure sign that the housing market is moving closer to pre-pandemic levels, is that Southern California home buying rose for the seventh straight week, as house hunters put 10.3% more homes into escrow.
Housing Market Continues to Heat Up in June
According to a report from Redfin CEO Glenn Kelman, demand for houses continues to skyrocket. Seasonally adjusted demand for houses during the week ending Sunday, June 7th was 25% above pandemic levels.
Statewide Hurdles Limit Builders Ability to Lead U.S. Economy Beyond COVID-19 Setback
The mood in the homebuilding industry has changed dramatically since April’s National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index reported a 42-point decline in builder confidence.
Fewer Homes For Sale is Creating Fierce Competition Between Buyers
The housing market is quickly recovering from the ‘shelter in place’ orders brought about by the efforts to reduce the spread of the coronavirus.
Federal Housing Agency Director Reports to U.S. Senators that Mortgage Forbearance Rate is Manageable
In testimony before the Senate Banking Committee on Tuesday June 9th, Mark Calabria, the director of the Federal Housing Agency, said that forbearance rates for the GSEs, have plateaued at ~6.6%, which he told senators was ‘manageable’.
Homebuilding and Residential Real Estate Will Recover Faster Than Other Sectors of the Economy
The May 2020 LegalShield Law Index, which is a suite of leading indicators of the economic and financial status of U.S. households and small businesses is reporting its Housing Activity Index (HAI) reached an all-time high in May.