Homebuilding Market News

Homebuilding

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.

Just 42.8% of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $90,000. This is a sharp drop from the 56.9% of homes sold in the 1Q that were affordable to median-income earners.

U.S. new single-family starts expanded at a fast pace in 2021. Nationally, 1,133,145 new single-family units were started in 2021, 14% higher than the units started in 2020. It marked the fastest growth rate since 2013 and the highest count of starts since the Great Recession.

Jeld-Wen Holding, Inc. announced that its Board of Directors has accepted the resignation of Gary S. Michel as chair and CEO. Upon his resignation, the Board appointed Kevin C. Lilly, most recently the company's executive vice president and chief information officer, as interim CEO.

US LBM has announced that Steve Short has been promoted to senior vice president of Supply Chain for the company. In his new role, Short will lead US LBM’s building materials sourcing and procurement strategy and supply chain operations.

Henkel Adhesive Technologies is investing in 3RT, Melbourne, Australia. Together with partners the company has developed a robotic process to convert forest and plantation residue into high-quality and unique hardwood products.

U.S. new single-family home sales declined in June due to rising mortgage rates and worsening affordability conditions. The median sales price dipped to $402,400 in June, down 9.5% compared to May, but up 7.4% compared to a year ago.

U.S. lumber prices have been on a roller-coaster ride over the past two years. However, despite higher lumber prices and ongoing supply-chain issues, wood framing remains the most dominant construction method for single-family homes in the U.S. in last year.

The government of Canada announces a combined contribution of over $550,000 to the Hybrid Timber Floor System Project led by EllisDon and DIALOG. The Hybrid Timber Floor System, a mixture of different materials such as concrete and steel combined with mass timber, offers a reduction in carbon and an increase in buildin...

The prices of U.S. goods used in residential construction climbed 1.5% in June (not seasonally adjusted) even as softwood lumber prices fell 23%, according to the latest Producer Price Index (PPI) report. Prices have surged 41.7% since January 2020.

Investment companies are seeing a strong movement towards ESG type investments in forestry and natural resource assets. A lot of that demand is coming out of Europe as people are trying to meet their climate and carbon neutrality goals. Joe Sanderson, managing director and CEO of natural resources at Domain Timber Advi...