Heterodox
– by New Deal democrat We finished housing data for the month with this morning’s report on new single family home sales and prices. As I usually point out, new home sales are the most leading of the housing construction metrics, but they are noisy and heavily revised. That was true again in May. Sales (blue in the second graph below) declined -11.3% m/m to 619,000 annualized, after April was revised sharply higher by +64,000 to 698,000. As...
Read More »New home sales and prices continue range-bound in May, while new homes *for sale* make a 15 year high (and that’s good!)
