Housing Starts

August 16, 2019 Housing starts fell 4.0% in July to 1,191 thousand after having declined 1.8% in June and 0.5% in May.   Because these data are particularly volatile on a month-to-month basis, it is best to look at a 3-month moving average of starts (which is the...

Homebuilder Confidence

August 15, 2019 .Homebuilder confidence rose 1 point in August to 66 after having risen 1 point in July.   A level of 66 is indicative of a solid level of confidence going forward although, admittedly, it is below readings of 70-75  at this time last  year. NAHB...

Construction Spending

August 1, 2019 . Construction spending (the green bars above) declined 1.3% in June after having fallen 0.5% in May after having risen in each of the previous five months.  Over the past year it has fallen 2.1%.  Not only is this a very volatile series with large...

Pending Home Sales

Pending home sales jumped 2.8% in June to 108.3 after having risen 1.1% in May.   In the past year pending home sales have risen 1.6% which in the first 12-month increase in this index sincd December 2017. Lawrence Yun, NAR chief economist noted that  “Job growth is...

Case Shiller Index of Home Prices

Case Shiller Index of Home Prices in 20 cities rose 0.1% in May after having been unchanged n April and having climbed 0.3% in March.   Five years ago home home prices were rising at a 10.5% rate.  A year ago they were still climbing at a 6.5% pace.  But home prices...

New Home Sales

July 24, 2019 New home sales jumped 7.0% in June to 646 thousand after having fallen 8.2% in May.  New home sales are always volatile so we prefer to look at the 3-month average pace of new home sales which is now 636 thousand.  Over the past year new home sales have...