Housing Starts Stay In The Toilet, With Sales and Construction Employment -UPDATE

Housing Starts, Sales, and Construction Employment - Click to enlarge

January housing starts stayed in the toilet, running only about flat year to year. The multifamily boom continued while single family languished.  The chart tells the story. Mainstream media reports were downbeat, citing the worst slump in 3 years, blaming, in part, the bad weather. The seasonally finagled, monthly annualized rate came in at 888,000…

Pending Home Sales Chart – Housing Inflation Despite Weak Sales As Inventories Stay Tight


The National Association of Realtors (NAR) Pending Home Sales Index (PHSI) number for December fell by 8.7%, crushing clueless Wall Street economists whose consensus guess was for a decline of 0.2%. The headline number is a seasonally adjusted representation of the trend, and may or may not reflect actual market conditions at the time. Actual…

New Home Sales Tank in December – It’s The Demand, Stupid!


New Home Sales Worse Than Usual For December New home sales in the US in December were an unqualified disaster. The headline number came in at a seasonally adjusted rate of 414,000 for the month, missing the consensus estimate of 457,000 by a mile. Miracle of miracles, the headline seasonally adjusted number accurately conveyed the…