61.9% of homes for sale in May had been listed for at least 30 days without going under contract, Redfin reported. That is up 60% from one year earlier and approximately 50% from two years earlier.
Wood Markets News
Mortgage Applications Increase in the Week Ending June 7th
Mortgage loan application volume increased 15.6% on a seasonally adjusted basis from one week earlier, MBA reported.
Vancouver City Council Approves Changes to Building Bylaws Permitting 18-Story Mass Timber Buildings
The Vancouver, BC, City Council amended its building bylaw raising the allowable height of mass-timber buildings to 18 stories in keeping with changes to BC’s building code introduced in April, The Vancouver Sun reported.
Canadian Border Services Agency Strike Averted
On Tuesday, a tentative agreement was reached for over 9,000 workers at the Canada Border Services Agency (CBSA), averting potential job action later this week, CBC reported.
Total Value of Canadian Building Permits Increases 20.5% Month-Over-Month in April
The total value of building permits in Canada increased 20.5% month-over-month to $12.8 billion (CAD) in April.
Consumer Credit Growth Slows in Q1
Total outstanding US debt stood at $5.05 trillion in Q1, increasing at an annualized rate of 1.86% (seasonally adjusted), the Federal Reserve and NAHB reported.
US Asking Rents Crept Higher for Second Consecutive Month in May
The median US asking rent rose 0.8% year-over-year to $1,653 in May, the highest level since October 2022, Redfin reported.
NFIB Small Business Optimism Index Trends Higher in May but Remains Below 50-Year Average
The National Federation of Independent Business Small Business Optimism Index increased 0.8 points in May to a reading of 90.5 but remained below the 50-year average of 98.0.
FHFA All-Transactions House Price Index Posts 6.3% Year-Over-Year Increase in Q1
According to the Federal Housing Finance Agency’s all-transactions House Price Index, US house prices increased 6.3% between 2023Q1 and Q1.
Bloomberg Nanos Canadian Consumer Index Reaches Highest Level in Over Two Years
The index rose to a reading of 54 last week, the highest level since May 2022. Over the last month, the index has gained 3 points.