The May HSPI decreased 2.5 points to 69.4 as the component measuring consumer attitudes toward homebuying conditions fell markedly, reaching an all-time survey low.
Wood Markets News
BC Reduces Sunshine Coast Timber Supply Area Allowable Annual Cut by 12.3%
Effective immediately, the new AAC for the Sunshine Coast TSA is 1,050,000 cubic meters, a 12.3% reduction but 2% above the average harvest level over the past decade.
US Wood Pellet Exports Decline Month-Over-Month but Rise Year-Over-Year in April
The US exported 819,341.5 metric tons of wood pellets in April, down from 938,662.3 metric tons in March, a Biomass Magazine review of USDA data shows.
Nonresidential Employment Leads the Construction Sector Higher in May
Residential construction gained 3,500 jobs, and nonresidential construction employment added 17,100 jobs, the BLS and NAHB reported.
US Nonfarm Payroll Increases by 272,000 in May; Unemployment Increases to 4.0%
Total nonfarm payroll employment increased by 272,000 in May. This is above the average monthly gain of 232,000 over the prior 12 months.
Canadian Employment and Unemployment Data for May
The total number of employed Canadians increased 0.1%, or by 27,000 positions, in May. However, the employment rate declined 0.1 percentage points to 61.3%.
MBA’s Mortgage Credit Availability Index Increases for the Fifth Consecutive Month in April
MBA released its Mortgage Credit Availability Index report for May. According to the MCAI, which analyzes data from ICE Mortgage Technology, mortgage credit availability increased in May.
Fixed Mortgage Rates Retreat in the Week Ending June 6th
The 30-year fixed-rate mortgage averaged 6.99%, down from last week when it averaged 7.03%.
Fannie Mae’s Releases the Results of Its US Home Price Expectations Panel Survey for Q2
Fannie Mae released its Q2 Home Price Expectation Survey. Following home price growth of 6.6% in 2023, the panel forecasts annual national home price growth of 4.3% in 2024 and 3.2% in 2024.
Private Sector Job Cuts Slowed Further Month-Over-Month and Year-Over-Year in May
US-based employers announced 63,816 job cuts in May, a 1.5% decline from the 64,789 job cuts reported in April. This is also a 20.0% decline from the 80,089 job cuts announced in May 2023.