Homebuyer affordability declined further in April, with the national medium payment applied for by applicants increasing to $2,256, MBA reported.
Wood Markets News
New South Wales, Australia, Announces $13 Million Forestry Funding Package
New South Wales announced a $13 million (AUD) forestry funding package to provide much needed protection of critical timber supplies in the lead up to the next bushfire season.
US Personal Income and Outlays Data for April
Personal income increased 0.3% at a monthly rate in April; disposable personal income increased 0.2%; and personal consumption expenditures increased 0.2%.
Canadian GDP by Industry for March and Q1
Real GDP was essentially unchanged in March, following a 0.2% increase in February. Both goods-producing and services-producing industries were unchanged.
30-Year Mortgage Rate Climbs Back Above 7%
The 30-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.94%, Freddie Mac reported.
US Real GDP Increases at an Annual Rate of 1.3% in Q1, BEA Reports in Its “Second” Estimate
Real GDP increased at an annual rate of 1.3% in Q1, following an increase of 3.4% in 2023Q4.
Prince Edward Island Tree Nursery Struggling to Meet Demand for Post-Tropical Storm Fiona Recovery
Since post-tropical storm Fiona’s destruction of nearly 32,000 hectares of forestland in 2022, requests for trees have “increased a great deal,” and the provincial tree nursery is trying to keep up, CBC News reported.
Price Reductions on Existing US Homes For Sale Hit 18-Month High
In the four-week period ending May 26th, an average of 6.4% of home sellers cut their asking price, the highest share since November 2022, Redfin reported.
US Pending Home Sales Drop 7.7% in April
The National Association of Realtors Pending Homes Sales Index fell 7.7% month-over-month, dropping to a reading of 72.3.
US Weekly Jobless Claims Edge Higher in the Week Ending May 25th
The advance figure for seasonally adjusted initial unemployment claims was 219,000, an increase of 3,000 from the previous week.