Construction costs made up 64.4% of the average home price in 2024, an increase from 60.8% in 2023, NAHB reported.
Wood Markets News
US Mortgage Rates Retreat in the Week Ending January 23
The 30-year fixed-rate mortgage averaged 6.96%, down from last week when it averaged 7.04%, Freddie Mac reported.
Walmart Unveils New Home Office Campus, a Mass Timber Masterpiece
Walmart has begun the phased opening of its new home office campus in Bentonville, Arkansas, which includes several mass timber buildings, The Architectural Record reported.
US Weekly Initial Jobless Claims Increase in the Week Ending January 18
The advance figure for seasonally adjusted initial unemployment claims was 223,000, an increase of 6,000 from the previous week’s unrevised level.
Number of Canadians Receiving Employment Insurance Declines in November
482,000 Canadians received regular Employment Insurance (EI) benefits in November, down 0.9%.
Leading Indicator of Remodeling Activity Points to Moderate Growth in 2025
The LIRA projects that year-over-year spending for home renovation and repair will increase 1.2% in 2025, the JCHS of Harvard University reported.
Canadian Industrial Product and Raw Materials Price Indices for December
Lumber and other wood products prices increased 1.3% in December, the fifth straight monthly increase for the product group.
Fannie Mae ESR Group Expects Higher Mortgage Rates Will Continue to Limit Existing-Home Sales
The recent jump in the 10-year Treasury yield and the resulting rise in mortgage rates are expected to continue to weigh on existing-home sales in the near future, the ESR Group said.
The Conference Board US Leading Economic Index Slips in December
The Conference Board Leading Economic Index (LEI) declined 0.1% to a reading of 101.6 (2016=100) in December, following an increase of 0.4% in November.
Mortgage Applications Inch Higher in the Week Ending January 17
Mortgage loan application volume increased 0.1% on a seasonally adjusted basis from one week earlier, MBA reported.