Canada’s New Housing Price Index declined 0.1% but increased 0.1% year-over-year in December.
Wood Markets News
Earnings Needed to Afford a Typical US Apartment at Lowest Level Since March 2022
Renters now need to earn $63,680 annually to afford the median US apartment rent of $1,592, the lowest level for the latter figure since March 2022, Redfin reported.
Construction Costs of a New US Single-Family Home Increased in 2024
Construction costs made up 64.4% of the average home price in 2024, an increase from 60.8% in 2023, NAHB reported.
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.