US home prices increased 0.5% in November on a seasonally adjusted basis, marking the third consecutive month of 0.5% growth, Redfin reported.
Wood Markets News
US Housing Affordability Improved Modestly in 2024 but Remains Out of Reach for Many
A household earning the median income in 2024 would need to allocate 41.8% of their income toward the cost of a typical home, slightly down from 42.2% in 2023, Redfin reported.
US Pending Home Sales Increase for Fourth Consecutive Month in November
The NAR Pending Homes Sales Index increased 2.2% to a reading of 79.0 in November. Year-over-year, pending sales rose 6.9%.
US State-Level Construction Employment Data for November
The construction industry gained a net 10,000 jobs in November, the BLS and NAHB reported. Employment (both residential and nonresidential) increased in 23 states and the District of Columbia.
Unemployment Rates Higher Year-Over-Year in 308 of 389 US Metropolitan Areas in November
Unemployment rates in November were higher than a year earlier in 308 of the 389 metropolitan areas, lower in 60 areas, and unchanged in 21 areas.
Ontario’s Amended Building Code Now Permits Mass Timber Construction Up to 18 Stories
An amendment to the Ontario building code permitting encapsulated mass timber construction up to 18 stories, an increase from the previous limit of 12, took effect on January 1, Storeys reported.
Polyhaus Develops Innovative Mass Timber Tiny Home
Polyhaus, a new metal-clad CLT system could be a game changer for building low-cost Californian houses out of mass timber, according to a feature by Wood Central.
Conifex to Transition to Two Shifts at Its BC Sawmill
Conifex Timber announced that it has amended and restated its existing credit agreement with PenderFund Capital Management.
Court-Appointed Receiver Continues Sale of Allegheny Wood Products Sawmills
Allegheny Wood Products (AWP) is continuing to sell its hardwood sawmills and kilns in West Virginia and Pennsylvania, Hardwood Floors Magazine reported.
Talks to Prevent East and Gulf Coast Dockworker Strike Set to Resume Next Week
Talks between the ILA and USMX are set to resume on January 7, little more than a week before the current contract extension expires, FreightWaves reported.