The University of Michigan Index of Consumer Sentiment declined to a reading of 67.4 in May. This is a month-over-month decline of 12.7% but up 14.2% year-over-year.
Wood Markets News
Houston Texas to Get Its First Mass Timber Office Building
Howard Hughes Holdings is building greater Houston’s first mass timber office building, One Bridgeland Green, Connect CRE reported.
Canfor Announces Permanent Closure of Polar Sawmill and Suspension of Planned Reinvestment in Houston, BC
The decision comes after an analysis of the persistent shortage of economically available timber and challenging operating conditions in northern BC, the company said.
Canfor Pulp to Indefinitely Curtail One Production Line at Northwood Facility in Prince George, BC
Canfor Pulp will indefinitely curtail one production line at its Northwood facility in Prince George, BC, due to the decline in availability of economic fiber in the northern BC region.
Fixed-Rate Mortgages Decline for the First Time in Five Weeks
The 30-year fixed-rate mortgage averaged 7.09%, down from last week when it averaged 7.22%, Freddie Mac reported.
US Median Monthly Housing Payments and Home Prices Both Hit All-Time High
During the four-week period ending May 5th, the US median monthly housing payment hit an all-time high of $2,894, Redfin reported.
Confidence in the US Market for New Multifamily Declines Year-Over-Year in Q1
The National Association of Home Builders Multifamily Market Survey shows confidence in the market for new multifamily housing declined year-over-year in Q1.
US Commercial and Multifamily Mortgage Loan Originations Fall 23% in 2024Q1 From 2024Q4
Commercial and multifamily mortgage loan originations in Q1 were basically unchanged year-over-year but were down 23% when compared to 2023Q4, MBA reported.
US Weekly Jobless Claims Increase in the Week Ending May 4th
The advance figure for seasonally adjusted initial claims was 231,000 during the week ending May 4th, an increase of 22,000 from the previous week.
NAFTA Panel Issues Ruling on 2015–16 Countervailing Duties
On May 6th, a NAFTA Panel largely upheld US countervailing duties on Canadian softwood lumber products but remanded several aspects of the investigation for clarification and potential adjustments.