Homebuilding Market News

Homebuilding

In August, U.S. housing starts rebounded but housing permits declined for the second straight month. The August drop in building permits indicates that the housing market is continues to cool as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act as a drag on the market.

Over the first seven months of 2022, the total number of U.S. single-family permits issued year-to-date nationwide reached 645,877. On a year-over-year basis, this is a 5.3% decline over the July 2021 level of 681,949.

Builders FirstSource has acquired Trussway, a leading provider of pre-fabricated roof and floor trusses as well as value-added building components and services.

U.S. home price growth decelerated in June and home prices grew at a single-digit annual rate for the first time in the past 23 months. As housing demand is softening, with declines for existing home sales and new home sales and weakened single-family starts, home price growth is expected to slow.

U.S. existing-home sales sagged for the sixth straight month in July. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 5.9% from June to a seasonally adjusted annual rate of 4.81 million in July. Year-over-year, sales fell 20.2% (6.03 millio...

Overall U.S. housing starts fell 9.6% to a seasonally adjusted annual rate of 1.45 million units in July. Single-family starts decreased 10.1% to a 916,000 seasonally adjusted annual rate and are down 2.1% on a year-to-date basis.

For the three months ended June 30, 2022, Hardwoods Distribution's (“HDI” )consolidated sales climbed to a record $700.3 million, an increase of $362.2 million, or 107.2%, from $338.0 million in the same period in 2021.

The British Columbia government releases a new program helping experienced carpenters, ironworkers and builders gain the in-demand skills needed to succeed in the growing field of mass timber innovation.

The prices of U.S. building materials rose 0.4% in July 2022 (not seasonally adjusted) even as softwood lumber prices increased 2.3%. Prices have surged 35.7% since January 2020, although 80% of the increase has occurred since January 2021.

Over the first six months of 2022, the U.S. total number of single-family permits issued year-to-date (YTD) nationwide reached 567,798. On a year-over-year (YoY) basis, this is a 3.6% decline over the June 2021 level of 589,146.